To start with, this is not your typical emerging markets fund. Evli Emerging Frontier B is really about going where capital has not fully arrived yet, where markets are still messy, misunderstood and, because of that, mispriced.

ISIN: FI4000066915
Structure: UCITS (Finland-domiciled investment fund)
Investment Manager: Evli Fund Management Company Ltd
Depositary: Skandinaviska Enskilda Banken AB (Helsinki Branch)
Asset Class: Emerging & Frontier Equities
Investment Style: Active, bottom-up (consumer-driven growth + value bias)
Currency: EUR
Fund Inception: 08/10/2013

That idea shows up clearly in the numbers. Since launch, the fund has compounded at roughly 12 % annually, reaching over 300 percent total return, which is quite remarkable considering the type of markets it operates in.📈🌍

Source: Evli Emerging Frontier Fund – Monthly Factsheet (February 2026)

What really matters is this fund is that it consistently finds returns in places where the market has not fully adjusted yet.

Investment Philosophy

Regarding the philosophy and how it achieved these returns, we have to say that the fund is built on a straightforward idea.

In practice, this translates into a very specific positioning. The fund consistently targets early-stage growth stories, particularly in regions where consumption is accelerating and business quality is improving faster than what the market is pricing in.

The historical performance is not linear or smooth, Instead, it shows bursts of strong outperformance followed by periods of consolidation or drawdowns.

👉The strategy captures re-ratings when inefficiencies close, rather than delivering steady beta-like returns. 🚀📈

Source: Evli Emerging Frontier Fund – Monthly Factsheet (February 2026)

At the same time, the risk profile tells a complementary story. Sitting around mid-range on the scale, it confirms that this is not an extreme high-risk bet, but neither is it designed for stability. ⚖️🌐

Source: Evli Emerging Frontier Fund – Monthly Factsheet (February 2026)

As said, inefficiencies in these markets do not disappear quickly, they require time, capital flows and often structural changes in local economies.

That is why patience is not just a nice-to-have, it is part of the edge.
the longer the horizon, the higher the probability that mispricing converges to fundamentals. ⏳🧭

Portfolio Analysis

Looking at the portfolio the fund leans towards consumer and financial sectors, which are closely tied to how economies develop and mature over time.💰🧩

As incomes rise, spending increases and financial systems expand, and it is where the transition is where many of these companies operate.

Source: Evli Emerging Frontier Fund – Monthly Factsheet (February 2026)

Geographically, the fund avoids the most crowded parts of emerging markets and instead goes deeper into regions like Pakistan, Vietnam or parts of the Middle East, where fewer investors are active.

This is where the edge lies: it is not about finding growth, it is about finding it before it becomes consensus. 🌍🌱

Source: Morningstar

On the other hand, the preference for small and mid cap companies reinforces the philosophy; these businesses tend to be less covered and more sensitive to local dynamics, which increases the chance of mispricing.

Source: Morningstar

As a conclusion, we can see that the fund has a strong alpha of 9.69 pointing to real value creation through stock selection, while a beta of 0.62 shows that returns are not simply following the broader market.

In simple terms this fund does not rely on market direction, it creates its own path. 📊🚀

Fund Managers

Historically, portfolio management was delegated to Terra Nova Capital; as of 2026, it is now led by Antti Sivonen and Mathias Althoff. Consequently, the fund’s historical performance reflects a different investment team.

However, Sivonen and Althoff bring experience in emerging and frontier markets, strengthening research and portfolio implementation. Going forward, performance will reflect the new investment team, which will need to be assessed independently.🔒🧠

Why to Invest

What differentiates this fund is not simply its exposure to emerging or frontier markets, but how it positions itself within them.

As mentioned, it consistently moves into areas where capital is less present and pricing remains less efficient, which fundamentally changes the return profile;

• Alpha driven by company-specific developments
  → less dependent on global flows, more on local execution and fundamentals

• Access to earlier stages of growth
  → positions ahead of consensus, where re-rating potential is higher

Finally, to better understand the mindset behind the strategy, it is worth looking at how the lead portfolio manager approaches investing more broadly.

In this short interview, Antti Sivonen discusses the recent comeback of value investing and, more importantly, why markets are often driven by narratives in the short term but ultimately anchored in fundamentals, cash flow and valuation discipline.🪙🌍

While the video does not focus specifically on the fund, it provides a clear window into the thinking that shapes it.

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⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

All material provided (articles, presentations, theses, ideas, opinions and analyses) are for informational and educational purposes only and does not constitute a recommendation to buy, sell or hold financial instruments, nor does it constitute personalised advice

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

Magno Investments and/or its writer and contributors may hold, directly or indirectly, positions in the securities mentioned in the content. These positions may be changed at any time without prior notice.

Before investing in a real account, it is necessary to have the appropriate training or otherwise delegate this task to a professional duly authorized to do it. Magno Investments is not responsible for the use that members make of the information or for any losses arising from their investments.

The Invesco Global Founders & Owners Fund begins with a premise that is deceptively simple, yet profoundly powerful: incentives shape outcomes.

At a structural level, the fund can be summarised as follows:

ISIN: LU1762221155 (varies by share class)
Structure: UCITS (Luxembourg-domiciled investment fund)
Investment Manager: Invesco Asset Management
Asset Class: Global Equity
Investment Style: Founder-led / Owner-aligned investing (bottom-up stock selection)
Currency: EUR (share class dependent)
Fund Inception: 2015

Since its launch in 2015, the fund has evolved into a high conviction global equity strategy, structured as a Luxembourg UCITS and built around a concentrated portfolio of roughly 30 to 35 companies, where decision makers are also meaningful owners. 📈🔍

2. Investment philosophy

The strategy is not defined by style, sector or geography, but by incentive design, which is exactly what the fund’s name reflects. By focusing on Founders and Owners, it targets companies where those making the decisions also have meaningful ownership at stake. 🧠📌

Instead of asking what a company does, the fund starts with who controls the capital and whether their interests are aligned with long term shareholders. In that sense, the name is not descriptive, it is directional. It defines the source of the edge.

This places the strategy between traditional value and growth, but it is better understood as quality-driven GARP, focused on businesses that can reinvest capital at high returns over time through disciplined capital allocation. 📊⚙️

As Charlie Munger put it:

Founder led and owner managed businesses tend to allocate capital more efficiently, think in longer time horizons and avoid value destructive decisions. This does not remove risk, but it tilts outcomes in favour of compounding rather than capital erosion.

This becomes visible in holdings such as 3i Group, which provides exposure to Action. Compared with global retailers like Walmart, Costco or Inditex, the point is not portfolio overlap, but trajectory. The fund targets businesses capable of sustained, above average compounding driven by execution and alignment. 📈🌍

Ultimately, the strategy is built around a simple idea: aligned incentives drive better decisions, and better decisions drive long term compounding. ⏳📊

3. Performance

The fund’s performance profile is a direct reflection of its philosophy. Because the portfolio is concentrated and driven by high conviction positions, short term results can be volatile and may deviate from the benchmark, but as a natural consequence of how returns are generated.📉📈

Source: Invesco – Fund Factsheet / KIID

However, once the time horizon is extended, the picture becomes clearer. Over three and five years, the fund has delivered strong outperformance relative to its benchmark, confirming that the strategy is designed to work across full cycles rather than isolated periods.

Source: Invesco – Official performance report / factsheet

The key insight lies in how returns are generated. Performance is not evenly distributed across the portfolio, instead, it is generated by a subset of companies that compound at significantly higher rates.⚡📈

Source: Invesco – Factsheet / Monthly report

Strong performers leads the majority of returns, while the rest of the portfolio plays a supporting role. As a result, compounding does not appear linear, but step-like and convex over time.

4. Portfolio Construction

The concentration of the portfolio is the natural result of the filtering process. Once the universe is reduced to companies with meaningful insider ownership and strong fundamentals, the opportunity set narrows significantly.🧠🌱

This is also reflected in the fund’s style positioning. Rather than fitting neatly into traditional value or growth categories, the portfolio tends to sit in a blend space with a bias towards quality growth, consistent with a GARP-like approach.

Source: Morningstar (style box)

At the sector level, exposure is built from a bottom-up selection.

Industrials, technology and financials dominate because they are fertile ground for scalable, ownership-driven businesses capable of compounding capital over time.

Source: Invesco – Fund Factsheet

Geographically, the portfolio is anchored in the United States, with selective exposure to Europe and Asia. This is not diversification for its own sake, but capital allocation by opportunity, where alignment and business quality are strongest. 🌍📍

Source: Invesco – Fund Factsheet

In terms of stock level, the structure becomes clearer. The portfolio combines global leaders such as Microsoft or NVIDIA with more idiosyncratic names like 3i Group, yet what links them is not sector or geography, but a shared ability to reinvest capital at attractive rates under aligned ownership. 🧩📈

Source: Invesco – Fund Factsheet

Finally, capital moves in and out in response to short-term performance, but the underlying structure of the portfolio remains consistent.

Source: Morningstar Fund Data

The strategy is not designed to optimise for flows, but to maintain exposure to long-term compounders, regardless of short-term sentiment.

5. Management

The strategy is led by Joe Dowling.

Dowling’s approach is consistent with the broader Invesco philosophy in this space, as said, he combines fundamental analysis with a focus on management alignment and ownership structures, the process is grounded in understanding how businesses are run and how capital is deployed over time. 🔍📘

At its core, the management approach reflects a clear principle: markets are difficult to predict, but behaviour is more observable.

6. Why this fund?

The Invesco Global Founders & Owners Fund is not designed to provide comfort.

It is designed to provide asymmetry, accepting volatility as the cost of accessing superior long term returns.

• Compounding over short-term performance
  The strategy does not aim to outperform every quarter, but to compound capital over time through disciplined decision-making.⏱️🪙

• Behavioural edge as the core driver
  The advantage lies in alignment and behaviour, not in forecasting markets, making it more durable and harder to replicate.🧠🔒

For a deeper understanding of the strategy, its philosophy and how it is implemented in practice, the following presentation from Joe Dowling provides additional context on how the team thinks about incentives, capital allocation and long-term investing.

I hope you find the content useful.😀

May the investment be with you.

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⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

All material provided (articles, presentations, theses, ideas, opinions and analyses) are for informational and educational purposes only and does not constitute a recommendation to buy, sell or hold financial instruments, nor does it constitute personalised advice

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

Magno Investments and/or its writer and contributors may hold, directly or indirectly, positions in the securities mentioned in the content. These positions may be changed at any time without prior notice.

Before investing in a real account, it is necessary to have the appropriate training or otherwise delegate this task to a professional duly authorized to do it. Magno Investments is not responsible for the use that members make of the information or for any losses arising from their investments.

Valentum FI is a global equity strategy built with a clear objective: compound capital over time through active stock selection, not by following the market.

ISIN: ES0182769002

Structure: UCITS (Spain-domiciled investment fund)

Investment Manager: Valentum Asset Management, SGIIC, S.A.

Depositary: CACEIS Bank Spain S.A.

Asset Class: Global Equity

Investment Style: Value & Momentum (bottom-up stock selection)

Currency: EUR

Fund Inception: 21/02/2014

Since inception in 2014, the fund has delivered +209.6%, outperforming its European benchmark, which reinforces one key idea: alpha has been generated through decisions, not exposure. 📈🧠

Source: Valentum Asset Management, Valentum FI Monthly Report (February 2026),

However, the real insight is not the final number, but the path. The return profile shows strong asymmetry, with years of sharp gains like +27.6% (2021) and +33.2% (2025), but also deep drawdowns like -28.2% (2022). The fund is positioned where mispricing exists, and that implies accepting volatility as the cost of capturing long-term value.

Source: Valentum Asset Management, Valentum FI Monthly Report (February 2026)

2. Investment philosophy

This is the true core of Valentum, and where the strategy becomes genuinely differentiated. The fund is built on a combination of Value and Momentum, not as isolated factors, but as a unified decision framework that ultimately drives capital allocation.🧠⚙️

Value, in Valentum’s approach, means investing in high-quality businesses with strong balance sheets, reliable management and consistent cash generation, all trading at a clear discount to intrinsic value because temporary problems.

This is critical, as it avoids one of the biggest pitfalls of traditional value investing: buying cheap companies that are cheap for structural reasons.⚠️📉

Momentum means the presence of real catalysts capable of unlocking value. These may include operational improvements, management changes, restructurings or shifts in sector dynamics.🔄📊

The real edge lies in how both elements interact.

Valentum does not simply ask whether a company is undervalued. It goes one step further:

What will make the market recognise that value?

That question changes everything. It transforms the strategy from passive value investing into a process focused on value realisation, which is ultimately what drives returns.

On the other hand, the fund shows a clear bias towards small and mid caps with a value tilt, precisely where market inefficiencies tend to be greater. However, this positioning also explains why the fund can diverge significantly from large-cap dominated indices, especially in environments where mega-cap growth leads the market.

Source: Morningstar Style Box

And this is where performance needs to be understood properly.

Valentum has delivered a CAGR of 9.9% since inception, above MSCI Europe, while maintaining lower volatility than small cap benchmarks like the Russell 2000.

Source: Valentum Asset Management, Valentum FI Monthly Report (February 2026)

This combination is not accidental. It reflects the underlying logic of the strategy. By focusing on less efficient segments of the market, the fund captures part of the upside typically associated with small and mid caps. But by applying valuation discipline, balance sheet filters and catalyst-driven selection.

In the end, everything connects back to the same idea:
Buy undervalued businesses with a clear path to re-rating, and manage risk through conviction and discipline, not through dilution.📋

3. Portfolio snapshot

The portfolio is diversified, but not neutral. It reflects where the managers are actually finding value today.

Sector exposure is led by Technology (15.3%) and Industrials (14.9%), followed by Consumer and Healthcare.

Source: Valentum Asset Management, Valentum FI Monthly Report (February 2026)

This mix is important , as It suggests that the fund is not positioned around one macro bet, but around multiple independent sources of value, including structural growth areas and cyclical recovery plays.📊⚖️

Geographically, the fund is clearly Europe-centric, with over 70% in the Eurozone, complemented by selective exposure to the US and other developed markets, plus a liquidity buffer (~7%).

Source: Valentum Asset Management, Valentum FI Monthly Report (February 2026)

The fund is not globally diversified, Europe is overweight because that is where mispricing is currently more evident, something also aligned with their recent macro commentary around a “resurgence of Europe” narrative.🚀📈

Additionally, the portfolio construction reflects another layer of discipline: the managers prioritise companies with low leverage and strong cash profiles, which is especially relevant in small and mid caps where balance sheet risk can destroy value quickly.

Currently, Valentum sits at a risk level of 4 out of 7, which reflects a balanced but clearly equity-driven profile

Source: Valentum Asset Management, Valentum FI Monthly Report (February 2026)

This is not just a portfolio of cheap stocks. It is a portfolio of financially resilient businesses waiting for recognition 🌍💼

4. Access through Valentum Flagship Lux

Although Valentum FI is a Spanish UCITS fund, it can also be accessed through a Luxembourg structure, Valentum Flagship Lux, which essentially allows international investors to gain exposure to the same strategy.

The important point is that this structure does not change the investment approach. It simply facilitates access, making the fund investable beyond Spain.

This is relevant because many boutique strategies remain limited by distribution. Valentum, instead, combines a high-conviction investment process with a scalable access structure, which is not that common in smaller asset managers. 🌐🏛️

5. Fund managers

The fund is managed by Luis de Blas and Jesús Domínguez, who have been working together at the helm of the strategy since its inception in 2014.

Their consistency is clearly reflected in both the portfolio construction and the long-term performance pattern, showing a strategy that remains coherent through different market cycles rather than adapting to short-term trends.👔📘

6. Why Valentum

Valentum stands out because it is coherent end to end.

The edge is not just being a value fund, but being a value fund with a catalyst framework, which significantly improves the probability of value being realised.

It is also differentiated because it is:

• Active and benchmark independent

• Focused on mispriced quality, not just cheapness

• Willing to act decisively when the thesis changes

• Structured to be accessible internationally

Finally, below you will find a couple of recent interviews with the fund managers, so you can better understand the core philosophy behind it.

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| @momentumfinancial

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

All material provided (articles, presentations, theses, ideas, opinions and analyses) are for informational and educational purposes only and does not constitute a recommendation to buy, sell or hold financial instruments, nor does it constitute personalised advice

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

Magno Investments and/or its writer and contributors may hold, directly or indirectly, positions in the securities mentioned in the content. These positions may be changed at any time without prior notice.

Before investing in a real account, it is necessary to have the appropriate training or otherwise delegate this task to a professional duly authorized to do it. Magno Investments is not responsible for the use that members make of the information or for any losses arising from their investments.

The Kopernik Global All-Cap Equity Fund is a global equity strategy designed to capture long-term capital appreciation through active stock selection across developed and emerging markets.

ISIN: IE00BH6XSF26

Structure: UCITS – ICAV (Ireland-domiciled)

Investment Manager: Heptagon Capital Limited

Sub-Investment Manager: Kopernik Global Investors LLC

Asset Class: Global Equity (All-Cap)

Currency: EUR

Fund inception: 16/12/2013

Share class inception: 28/09/2015

The portfolio invests across the entire capitalisation spectrum, allowing the managers to allocate capital wherever valuation opportunities arise rather than following benchmark allocations. The strategy therefore emphasises flexibility and independent research, seeking companies whose market prices diverge materially from their underlying economic value. 📊🌍

Source: FactSet Research Systems and Brown Brothers Harriman (BBH), Kopernik Global Investors.

As seen through its long-term performance profile, the strategy follows its own cycle rather than mirroring global equity indices.

The fund can diverge meaningfully from the benchmark during certain market phases, but when undervalued sectors re-rate the upside can be substantial. A recent example is the strong annual performance where the fund delivered around 70% versus roughly 22% for the MSCI ACWI, illustrating how a valuation-driven portfolio can benefit when market sentiment shifts. 📈🚀

Investment Philosophy

The style map offers a useful insight into how the strategy approaches the market. The portfolio sits firmly within the value segment across different market-capitalisation ranges, indicating a deliberate preference for companies trading below intrinsic value rather than high-growth stocks priced for future expectations.

This positioning reflects a disciplined value framework that prioritises valuation and margin of safety over short-term market trends. 📉📊

Source: Morningstar Direct, as of Feb 28, 2026.

On the other hand, by focusing on businesses where price and fundamentals diverge, the managers aim to exploit inefficiencies created by market sentiment, cyclical downturns or temporary investor pessimism. Over time, as fundamentals improve or the market reassesses these companies, the valuation gap can close, generating attractive long-term returns for patient investors. 💡📉

Source: Kopernik Global Investors, fund presentation.

Generally speaking, the strategy follows a contrarian value approach, seeking assets trading significantly below intrinsic value and waiting for the market to eventually recognise that value. The historical performance shown below reflects how this disciplined approach has translated into solid long-term returns.

Portfolio Positioning

Sector allocation provides a clear illustration of this philosophy in practice. The portfolio shows a significant overweight in materials and energy, sectors that tend to be cyclical and often fall out of favour during growth-driven market phases.

Meanwhile, exposure to information technology is considerably lower than in the MSCI ACWI benchmark. This composition reflects the managers’ emphasis on valuation opportunities rather than macroeconomic forecasting.

Source: FactSet Research and BBH

Geographically, the portfolio holds meaningful exposure to emerging markets and regions outside the United States, while the benchmark remains heavily concentrated in US equities. At the company level, positions such as Valterra Platinum, Seabridge Gold and LG Uplus highlight the fund’s willingness to invest in industries and regions that may currently be overlooked by the broader market. 🌏📈

Portfolio Dynamics

Investment flows provide a useful perspective on how investors behave around the strategy. Over time, the chart shows that net flows tend to move in cycles, with periods of inflows often following strong performance and outflows appearing after weaker market phases.

Despite these fluctuations, total assets have generally trended upward, suggesting that the strategy has continued to attract capital over the long run as performance compounds and investor confidence gradually builds. 📈💰

Source: Morningstar Direct, as of Jan 31, 2026.

This pattern is typical of contrarian strategies, where investor sentiment usually reacts to past performance rather than anticipating it. In other words, capital often enters the fund after strong periods rather than before them. 📊⚖️

Risk Context

Regarding the risk statistics we can highlight the differentiated nature of the strategy. With a beta of roughly 0.58 and a correlation near 0.55 to the benchmark, the portfolio behaves differently from traditional global equity funds. This lower correlation suggests that the strategy can provide diversification benefits within a broader equity allocation.

Source: Morningstar, as of 31.01.2026.

From a regulatory perspective, the fund sits in risk category 6, reflecting the volatility typically associated with global equities and exposure to emerging markets.

Source: Kopernik Global Investors, fund factsheet.

Investors should therefore expect periods of fluctuation in returns, particularly during market environments dominated by growth-oriented stocks. ⚠️📊

Fund Managers

The strategy is led by David Iben, founder of Kopernik Global Investors and one of the most recognised global value investors. 👨‍💼👩‍💼📊

His investment approach emphasises independent thinking and a willingness to invest where consensus views are most pessimistic but valuations appear compelling.

He is joined by Alissa Corcoran, Co-Chief Investment Officer and Director of Research.

Together they oversee the research process and portfolio construction, supported by a team of analysts who continuously challenge investment ideas and refine valuation frameworks through collaborative debate.

Why Consider the Kopernik Global All-Cap

This strategy is likely to appeal to investors looking for something genuinely different from traditional global equity funds. The portfolio often sits far from benchmark positioning, investing in areas of the market that tend to be overlooked or temporarily out of favour. As a result, it can make sense for investors seeking a high degree of diversification within a broader equity portfolio, particularly those comfortable with a more contrarian and unconventional allocation style. 🧭🪙

In practice, it may suit investors who value independent thinking and a proven long-term track record, and who are willing to tolerate periods where the portfolio moves differently from mainstream global equity strategies. For those interested in understanding the philosophy behind the strategy in more depth, here are a couple of interviews with David Iben, where he discusses how he thinks about markets and investing. 🎙️📚

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⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

All material provided (articles, presentations, theses, ideas, opinions and analyses) are for informational and educational purposes only and does not constitute a recommendation to buy, sell or hold financial instruments, nor does it constitute personalised advice

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

Magno Investments and/or its writer and contributors may hold, directly or indirectly, positions in the securities mentioned in the content. These positions may be changed at any time without prior notice.

Before investing in a real account, it is necessary to have the appropriate training or otherwise delegate this task to a professional duly authorized to do it. Magno Investments is not responsible for the use that members make of the information or for any losses arising from their investments.

Polar Capital Global Insurance Fund is an Ireland-domiciled UCITS strategy launched in 1998 that invests exclusively in the global insurance sector.

Most equity portfolios are driven by macro cycles, interest rates, consumer demand or technology multiples. However, this fund is built around one structural mechanism: the growth of tangible book value per share in insurance companies.

Because of this, the fund is not positioned as a broad financial allocation. It is a pure underwriting portfolio, and that purity creates differentiation. In portfolio construction terms, it introduces exposure to a segment whose drivers are not identical to those of global equities or traditional financial stocks.

ISIN: IE00B4X2MP98

Structure: UCITS (Polar Capital Funds plc – Ireland-domiciled)

Investment Manager: Polar Capital LLP

Asset Class: Global Equity (Insurance sector focus)

Base Currency: GBP

Fund inception (Launch Date): 16 October 1998

Historical Performance

The long-term cumulative performance chart since inception is the starting point of the story.

Source: Polar Capital LLP, Professional Investor Fact Sheet – Polar Capital Funds plc – Global Insurance Fund (R Acc GBP), 30 January 2026 (data provided by Polar Capital & RSMR; MSCI index data for comparison).

This visual is crucial. It shows a structurally rising curve since 1998. It is not linear, and it does not avoid drawdowns. However, the key observation is the persistence of the upward trend over more than two decades. That persistence reflects something fundamental: insurance book value has compounded across multiple market regimes.

On the other hand, the annual data shows variability, which is normal. Insurance is not immune to cycles, however, what matters is that no single difficult year has broken the long-term compounding path.

Source: Polar Capital LLP, Professional Investor Fact Sheet – Polar Capital Funds plc – Global Insurance Fund (R Acc GBP), 30 January 2026 (Performance data provided by Polar Capital; MSCI index data for comparison).

The historical section therefore establishes two ideas: long-term compounding exists, and the return pattern is structurally distinct from broad equity sectors.

Source: Polar Capital LLP, Professional Investor Fact Sheet – Polar Capital Funds plc – Global Insurance Fund (R Acc GBP), 30 January 2026 (Data provided by Polar Capital & RSMR; IA sector data source: RSMR).

Accordingly with what I mentioned, I like this performance comparison between the fund’s performance pattern vs broader IA sectors. At times it leads, at times it lags, but importantly, it does not simply replicate global equity behaviour. That is the key structural value of a 100% insurance strategy. It offers potential decorrelation through different economic drivers.

Investment Philosophy

The philosophy of the fund begins with a clear conviction: risk in the world is rising, not falling. 🌍⚖️

Insurance is not discretionary consumption. It is a structural necessity embedded in the functioning of modern economies.

Accidents, natural catastrophes, cyber threats and geopolitical tensions will continue to occur. Because risk itself does not disappear, the demand for protection does not disappear either. For that reason, the fund concentrates on non-life property and casualty insurers, a segment whose demand remains resilient and far less dependent on short-term economic growth.

However, the real differentiator lies not only in demand stability, but in how insurers generate returns.

These companies assume inherently risk while maintaining conservative balance sheets. Capital is largely invested in short-duration, liquid assets so claims can be paid at any moment. In a higher interest rate environment, that liquidity is no longer idle. The shift from near-zero yields to materially higher reinvestment rates has transformed the sector’s earnings profile. What was once a low double-digit return on capital has, in many cases, moved into the mid to high teens. 📈💰

At the same time, rising catastrophe frequency has led to a broad repricing of risk. Crucially, in insurance, volatility does not automatically erode profitability. When risks increase, premiums adjust accordingly. This built-in pricing flexibility reinforces the sector’s ability to protect margins across cycles.

Ultimately, this is not a strategy reliant on predicting macro outcomes. It is grounded in the structural economics of risk transfer, underwriting discipline and capital resilience. 🏛️📘

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Portfolio Snapshot

The portfolio composition reflects that philosophy directly.

Source: Polar Capital LLP, Professional Investor Fact Sheet – Polar Capital Funds plc – Global Insurance Fund (R Acc GBP), 30 January 2026, Portfolio Exposure (Sector Exposure % as at 30 January 2026).

Commercial insurance dominates the portfolio. Specialist commercial lines tend to reward pricing discipline, technical expertise and risk selection capability. Retail exposure is present but remains measured. Reinsurance is also included, though carefully balanced to limit excessive exposure to catastrophe volatility and earnings swings.

Source: Polar Capital LLP, Professional Investor Fact Sheet – Polar Capital Funds plc – Global Insurance Fund (R Acc GBP), 30 January 2026, Geographic Exposure by Listing (% as at 30 January 2026).

On the other hand, as you can see the United States is the deepest insurance market globally, with strong disclosure standards and developed regulatory frameworks.

Now look at concentration and conviction.

Source: Polar Capital LLP, Professional Investor Fact Sheet – Polar Capital Funds plc – Global Insurance Fund (R Acc GBP), 30 January 2026, Top 10 Positions, Total Number of Positions and Active Share (as at 30 January 2026).

The top ten positions represent a significant share of the portfolio, and Active Share is high. This confirms that the strategy is genuinely active. In a specialist sector, concentration can reflect analytical edge rather than excess risk.

Finally, market capitalisation balance adds texture.

Source: Polar Capital LLP, Professional Investor Fact Sheet – Polar Capital Funds plc – Global Insurance Fund, 31 July 2025 (Market Cap breakdown; data provided by Polar Capital & RSMR).

With over half of the portfolio allocated to large-cap insurers, the fund anchors itself in established franchises with scale, diversified books of business and proven capital discipline. At the same time, meaningful exposure to mid-cap specialists introduces growth potential and operational agility.

This balance is deliberate. It reflects a strategy that combines stability with selective upside, rather than leaning entirely toward defensive giants or niche small-cap volatility.

In other words, the portfolio structure mirrors the philosophy: core resilience supported by targeted specialist exposure. 📊🧭

Fund Managers

The analytical depth behind the strategy is fundamental. 🧠📊

Nick Martin and Dominic Evans bring extensive experience in analysing insurance companies, a sector where small details can have major long-term consequences.

Insurance accounting can be complex, and pricing mistakes may take years to become visible. That is precisely why specialist expertise matters.

Their experience allows the fund to assess risk selection discipline, balance sheet resilience and management alignment with precision. In a sector where errors may remain hidden before surfacing suddenly, rigorous analysis becomes a structural advantage.

Why Consider Polar Capital Global Insurance

The global risk environment is becoming increasingly complex. Climate volatility, cyber threats and geopolitical fragmentation are not temporary headlines, but structural forces reshaping the demand for protection. 🌍⚡

Against this backdrop, the fund may appeal to investors seeking long-term compounding, structural diversification and exposure to a sector with disciplined capital allocation. It offers a differentiated way to participate in global equity markets through the economics of risk transfer rather than traditional macro growth drivers. 🛡️📈

To conclude, below are a couple of interviews with Nick Martin, which provide deeper insight into the fund’s investment approach and the principles that underpin portfolio construction.

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

All material provided (articles, presentations, theses, ideas, opinions and analyses) are for informational and educational purposes only and does not constitute a recommendation to buy, sell or hold financial instruments, nor does it constitute personalised advice

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

Magno Investments and/or its writer and contributors may hold, directly or indirectly, positions in the securities mentioned in the content. These positions may be changed at any time without prior notice.

Before investing in a real account, it is necessary to have the appropriate training or otherwise delegate this task to a professional duly authorized to do it. Magno Investments is not responsible for the use that members make of the information or for any losses arising from their investments.

R-co Valor C EUR is a flexible global multi-asset SICAV managed by Rothschild & Co Asset Management. Its defining characteristic is the ability to dynamically adjust exposure between equities and fixed income, rather than relying on a static allocation model. The fund is not benchmark-constrained, which means performance is driven by discretionary positioning and capital allocation decisions rather than index replication. 🌍📊

The strategy seeks performance over a five-year investment horizon, combining bottom-up issuer analysis with an active macro framework. In practical terms, equity exposure can range from 0% to 100%, fixed income exposure can also vary between 0% and 100%, and interest-rate sensitivity may fluctuate between –1 and 9. This structural flexibility is central to understanding the fund: it is designed to reallocate risk depending on inflation trends, rate cycles and relative valuation across asset classes. 🔄📈

ISIN: FR0011253624
Structure: UCITS – SICAV (France-domiciled)
Investment Manager: Rothschild & Co Asset Management
Asset Class: Flexible Mixed (Global Equity & Fixed Income)
Currency: EUR
Fund inception: 03/10/2012
Share class inception: 08/04/1994

Historical Performance

The 10-year chart shows a clear structural upward trend, despite temporary drawdowns along the way. Over the last decade, cumulative performance reaches +173.63%, illustrating the compounding effect of flexible allocation across very different market regimes. 📈⏱️

Source: Rothschild & Co Asset Management – R-co Valor C EUR Factsheet

January 202Over five years, cumulative performance stands at +60.45%, while three-year performance reaches +40.94%. The trajectory reflects the ability of the fund to participate in bullish phases while maintaining enough flexibility to reposition during stress environments. 📊🔁

Source: Rothschild & Co Asset Management – R-co Valor C EUR Factsheet

The annual breakdown reinforces this reading. After delivering +12.72% in 2021, the fund declined −8.06% in 2022 as global bonds and equities repriced simultaneously. The recovery in 2023, 2024 and 2025 confirms that the strategy’s value lies in reallocation capability, not in static diversification.

What this performance history ultimately shows is that R-co Valor behaves as a cycle manager rather than a market timer.

Portfolio Snapshot

Equities represent 71.7% of assets, while 28.3% is allocated to cash and other instruments. This is not just a positioning statistic; it defines the fund’s current risk budget. A 70% equity exposure signals constructive conviction, yet the nearly 30% held outside equities preserves optionality. In a flexible strategy, liquidity is not idle capital, it is strategic capacity.⚖️💼

Source: Rothschild & Co Asset Management – R-co Valor C EUR Factsheet

While equities represent the core driver of performance, the remaining allocation plays a stabilising role. The fixed income and liquidity component provides defensive ballast, allowing the managers to adjust duration and credit exposure according to macro conditions. This segment enhances flexibility and supports drawdown management during periods of market stress. 🛡️📉

Within the fixed income universe, the rating distribution shows a meaningful presence in A and AA categories, alongside exposure to BBB and selective lower-rated segments. This balanced credit profile indicates a controlled approach to yield enhancement without excessive concentration in high-risk issuers. 📊🏦

Source: Rothschild & Co Asset Management – R-co Valor C EUR Factsheet

On the equity side, style exposure shows a tilt toward large-cap blend and value, with meaningful weight in established companies. Mid and small caps remain marginal, reinforcing liquidity and balance sheet strength within the equity segment.

Source: Morningstar Direct – R-co Valor C EUR, Equity Style Box (Weight view), data as of January 2026.

Regarding, the sector allocation is led by Technology at 29%, followed by Mining, Industrials, Financials and Health Care. This mix blends structural growth themes with cyclical and commodity exposure, creating diversification across economic drivers. 💻⛏️

Source: Rothschild & Co Asset Management – R-co Valor C EUR Factsheet

Geographically, the portfolio is globally diversified. The United States accounts for 37.7%, Asia ex-Japan 22.4%, Canada 12.9% and France 12.4%. The allocation therefore combines US leadership, Asian growth dynamics and European exposure within a single framework. 🌎🌐

Source: Rothschild & Co Asset Management – R-co Valor C EUR Factsheet

The portfolio holds 51 securities, reflecting selective diversification. Alphabet is the largest position at 3.2%, followed by Freeport-McMoRan, Alibaba, Ivanhoe Mines, Agnico Eagle Mines, Airbus and LVMH.

Source: Rothschild & Co Asset Management – R-co Valor C EUR Factsheet

Finally, the combination of equity leadership and diversified credit exposure reflects the fund’s multi-asset identity. Equities provide long-term growth potential, while fixed income and liquidity contribute to risk management and capital preservation, particularly in volatile macro environments. 🔄🧭

Risk Profile

R-co Valor is classified as Risk Level 4 out of 7, indicating a medium risk profile. This reflects its discretionary exposure to global equity and bond markets. ⚠️📊

Source: Rothschild & Co Asset Management – Key Information Document (KID), R-co Valor C EUR, Risk Indicator (SRRI 4/7).

The strategy does not provide capital protection. Investors may experience drawdowns during adverse market phases, and the recommended five-year holding period aligns with the fund’s cyclical allocation profile. 🧭⏳

Fund Managers

The lead portfolio managers are Yoann Ignatiew, Charles-Edouard Bilbault, and Henri Captier.

Together, they contribute to portfolio construction, asset allocation decisions and security selection, ensuring consistency between strategic views and implementation.

Their complementary skill sets create a cohesive and disciplined investment team, capable of navigating different market environments while maintaining a structured investment framework. 🤝

Why Consider R-co Valor

As a conclusion we can say that R-co Valor stands out for its structural flexibility. The fund is built to adjust equity exposure, duration and credit risk as macro conditions evolve, rather than remain anchored to a fixed allocation model. 🔄🌍

It may suit investors seeking a core multi-asset strategy capable of navigating different market regimes without relying on a single asset class for returns, while aiming for growth with moderated volatility over the medium to long term. 🏆📈

Here is a recent interview with Yoann Ignatiew, which may help provide deeper insight into the philosophy and thinking behind the fund.

Share 𝗠𝗔𝗚𝗡𝗢 𝗜𝗡𝗩𝗘𝗦𝗧𝗠𝗘𝗡𝗧𝗦 𝖱𝖤𝖲𝖤𝖠𝖱𝖢𝖧

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

All material provided (articles, presentations, theses, ideas, opinions and analyses) are for informational and educational purposes only and does not constitute a recommendation to buy, sell or hold financial instruments, nor does it constitute personalised advice

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

Magno Investments and/or its writer and contributors may hold, directly or indirectly, positions in the securities mentioned in the content. These positions may be changed at any time without prior notice.

Before investing in a real account, it is necessary to have the appropriate training or otherwise delegate this task to a professional duly authorized to do it. Magno Investments is not responsible for the use that members make of the information or for any losses arising from their investments.

TROJAN FUND (IRELAND) – I ACC EURH is a flexible multi-asset UCITS strategy designed with a clear objective: deliver long-term capital growth above inflation while prioritising capital preservation. The fund explicitly targets returns ahead of the UK Retail Prices Index over a five to seven-year horizon, anchoring its mandate in real purchasing power protection rather than benchmark-relative performance.

ISIN (Class I EUR Accumulation): IE00BYV18N80
Structure: UCITS (Ireland-domiciled)
Investment Manager: Troy Asset Management Limited
Asset Class: Flexible Multi-Asset
Currency of the analysed share class: EUR
Fund launch date: 2012
Share class launch date: 2016

This Class I EUR Accumulation share class is denominated in EUR and structured for long-term investors seeking disciplined risk management and multi-asset diversification within a single vehicle. From inception, the philosophy has remained consistent: avoid permanent capital loss first, compound steadily second. 🛡️📉

Historical Performance

The long-term track record illustrates the fund’s asymmetric behaviour across cycles.

It participates in up markets but is designed to reduce drawdowns during stress periods, which is central to its compounding logic. 📈🧭

Source: Key Investor Information Document (KID), Trojan Fund (Ireland),

This chart shows annual returns of the Class I EUR Accumulation compared to the UK Retail Prices Index (EUR). The data confirms three key elements:

• Strong participation in 2019 and 2021

• Controlled downside in 2018 and 2022

• Positive real return over the medium term

The negative year in 2022 reflects the broad fixed income shock, yet the recovery in 2023 and 2024 reinforces the portfolio’s structural resilience.

Equity Style and Positioning

The equity allocation is concentrated in high-quality, large-cap businesses. The style box shows a dominant allocation to large blend and large value categories, with limited exposure to growth extremes and virtually no small-cap bias.

Source: Morningstar, Data as of 31 December 2025

The portfolio typically holds between 25 and 30 equity positions, reflecting conviction-driven selection rather than index replication. 🎯📊

Sector allocation highlights a structurally defensive bias, with a meaningful overweight in Consumer Defensive exceeding 30 percent, complemented by exposure to Financial Services, Industrials and selectively positioned Technology.🧩💻

Source: Morningstar, Data as of 31 December 2025

The combined weighting in Consumer Defensive and Healthcare underscores a preference for businesses with resilient demand, pricing power and durable cash flow generation, characteristics that tend to hold up across economic regimes and inflationary environments.

However, sector positioning only tells part of the story. The broader risk architecture becomes clearer when analysing asset allocation across asset classes.

Source: FactSet, Asset Allocation Data.

We can notivce that equities represent 39% of the portfolio, confirming that this is not an equity-heavy strategy disguised as multi-asset. The remaining allocation is diversified across inflation-linked bonds, sovereign debt, short-dated gilts and a strategic 10% allocation to gold-related investments, reinforcing the portfolio’s defensive architecture.

Importantly, the gold exposure is implemented primarily through physically backed instruments rather than mining equities, strengthening its role as a macro hedge against currency debasement, systemic risk and inflation shocks rather than adding equity-like volatility. 🪙🌍

With approximately 60% of the portfolio allocated to defensive and real-asset components, the structure is clearly designed to balance growth participation with capital stability.

Fixed Income Structure & Defensive Architecture

A core pillar of the strategy is high-quality sovereign exposure.

The duration analysis shows exposure concentrated in higher quality segments, primarily AA and A-rated government debt. The maturity distribution indicates meaningful duration exposure, particularly in the 1–5 year and 5–7 year segments.

Source: Morningstar, Data as of 31 December 2025

This structure historically provides convexity during risk-off environments and economic slowdown. The bond sleeve acts as a shock absorber rather than a yield-maximisation engine. 🏛️📉

Source: Morningstar, Data as of 31 December 2025

On the toher hand, credit quality breakdown confirms that government bonds dominate the fixed income allocation, with minimal exposure to lower credit tiers. There is no structural reliance on high yield or credit beta. This is deliberate and aligned with the capital preservation mandate. 🛡️📊

Risk and Reward Profile

The share class is categorised as Risk Level 3, indicating moderate volatility. This positioning reflects the balanced multi-asset nature of the strategy.

Source: Key Information Document (KID), Trojan Fund (Ireland)

The classification underscores that this is not a pure equity vehicle, nor a low-risk fixed income fund. Instead, it sits in the middle of the spectrum, aiming to deliver controlled growth with moderated risk exposure. 🔍📉

Fund Managers

The strategy is led by a highly experienced investment team with deep expertise in multi-asset portfolio construction and long-term asset allocation, bringing together more than 30 years of experience and combining strategic vision with disciplined investment execution.

What Makes the Fund Attractive

First of all capital preservation is structural, not tactical. The defensive mix of high-quality equities, sovereign bonds and gold is permanently embedded in the portfolio, not introduced only in downturns.🧠📈

Ultimately, the strategy is genuinely unconstrained. It does not track an equity benchmark or replicate a traditional 60/40 model; allocation decisions are driven by valuation discipline and macro risk assessment.

The strength of Trojan Fund lies not in aggressive upside capture, but in risk-adjusted compounding discipline. 🏅🌍.

Finally, we leave here two recent interviews with Sebastian Lyon, where shares deeper insights into his investment philosophy . These conversations provide valuable context on how the strategy is being navigated in today’s macro environment and offer a clearer understanding of his nvestment approach.

What do you think about this fund? Did you know about it before this lecture?

Please, let us know in the comments.👇

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⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

All material provided (articles, presentations, theses, ideas, opinions and analyses) are for informational and educational purposes only and does not constitute a recommendation to buy, sell or hold financial instruments, nor does it constitute personalised advice

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

Magno Investments and/or its writer and contributors may hold, directly or indirectly, positions in the securities mentioned in the content. These positions may be changed at any time without prior notice.

Before investing in a real account, it is necessary to have the appropriate training or otherwise delegate this task to a professional duly authorized to do it. Magno Investments is not responsible for the use that members make of the information or for any losses arising from their investments.

INCOMETRIC FUND – EQUAM Global Value is a UCITS equity fund built around a strict, long-term value investing discipline, with a clear bias toward European small and mid-cap companies.

Name: INCOMETRIC FUND – EQUAM Global Value A
ISIN: LU0933684101
Fund Structure: UCITS (Luxembourg-domiciled)
Management Company: ADEPA Asset Management S.A.
Investment Advisor: Equam Capital
Asset Class: Equity (global mandate, European SMID focus in practice)
Share Class Currency: EUR
Launch Date: January 2015

The fund exists to exploit a persistent structural inefficiency: European small and mid-caps are systematically underfollowed by analysts, underweighted by institutional capital and often ignored by index-driven investors.

This structural neglect creates repeated mispricings that are not cyclical but embedded in market structure. 🔍📉

Source: Equam Capital, EQUAM Global Value – Quarterly Report (December 2025).

As a result, frequent and durable valuation gaps emerge between market prices and intrinsic value. These gaps constitute the core opportunity set of the strategy and are the foundation for long-term compounding through disciplined fundamental investing. 💡📈

How the strategy works

The strategy is pure bottom-up and valuation-first. Equam Capital starts with the business, not the macro environment or index composition, analysing companies in depth with a focus on business quality, competitive positioning, balance-sheet strength, cash-flow durability and management alignment. Capital is deployed only when a clear discount to intrinsic value exists and the risk of permanent capital loss is demonstrably limited. 🔍💎

Source: Morningstar (Style Box – EQUAM Global Value Class A).

The portfolio is fully unconstrained: no benchmark tracking, no sector caps and no geographic quotas. This flexibility is reflected in the style box, which shows a clear bias toward small and mid-cap value stocks, where inefficiencies are deepest and active conviction matters most.

Portfolio logic and implementation

The portfolio is concentrated yet diversified, typically holding around 40–45 companies, with exposure focused toward industrials, business services and selected consumer businesses.

This structure reflects where the team finds the most persistent mispricings and the strongest fundamental asymmetries. 🧩🏭

Source: Equam Capital, EQUAM Global Value – Quarterly Report (December 2025).

On the other hand, illustrated by the country and sector breakdowns, holdings are spread across multiple European markets while remaining focused on sectors with durable cash flows and pricing power. These companies are often niche leaders with aligned ownership structures and the ability to compound value over time. 🌍📊

Source: Equam Capital, EQUAM Global Value – Quarterly Report (December 2025).

Importantly, the portfolio is not built top-down or thematically. Its composition is the natural outcome of searching where inefficiencies are deepest and competition for capital is lowest, ensuring consistency between philosophy, implementation and long-term return potential.

Risk, performance and expectations

The fund carries a high equity risk profile, reinforced by its exposure to small and mid-cap companies. As shown in the annual return distribution, phases of relative underperformance versus large-cap or momentum-driven indices are an intrinsic feature of the strategy, especially when markets reward liquidity and scale over fundamentals. ⚖️📉

Source: Equam Capital, EQUAM Global Value – Annual & Quarterly Reports and ADEPA Asset Management, Key Information Document (KID) for EQUAM Global Value Class A.

Regarding the returns, they are generated primarily through earnings growth and valuation normalisation, not short-term sentiment or tactical positioning. Over full market cycles, this process allows intrinsic value to be progressively reflected in prices, despite inevitable periods of volatility. 📈🔄

Source: Equam Capital, EQUAM Global Value – Annual & Quarterly Reports and ADEPA Asset Management, Key Information Document (KID) for EQUAM Global Value Class A.

Finally, the risk indicator underlines that this strategy is designed for investors with a long-term horizon, who consciously accept volatility as the cost of accessing structural inefficiencies and sustained compounding.

The managers behind the fund

The fund is managed by the founding partners of Equam Capital, whose personal capital is meaningfully invested alongside their clients’, ensuring strong alignment of interests and a long-term mindset.🧠📈

Source: Equam Capital, official website.

Alejandro Muñoz and José Antonio Larraz are Co-Founders and Portfolio Managers at Equam Capital.

Both have applied the same investment process since inception, deliberately avoiding style drift or tactical rotation and remaining focused on long-term value creation through disciplined fundamental investing.

Why this fund is different

EQUAM Global Value stands apart from its peers in several key ways:

• First, it targets a neglected segment of the market where inefficiencies are structural, not cyclical.⏱️🛡️

• Second, it operates without benchmark constraints, allowing genuine active management rather than disguised index exposure.

• Third, risk is managed at the stock level through valuation discipline and downside analysis, not through diversification for its own sake.

Generally speaking, for a retail investor, this fund offers true differentiation: access to under-researched European businesses, low overlap with mainstream equity strategies, and a coherent value philosophy executed consistently over time.

I leave here an interesant and recent video from Paco Lodeiro - Academia de Inversion, enterviewing them and updating the positions of the portfolio.

• What do you think about this fund? Did you know about it before this lecture?

Please, let us know in the comments.👇

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

All material provided (articles, presentations, theses, ideas, opinions and analyses) are for informational and educational purposes only and does not constitute a recommendation to buy, sell or hold financial instruments, nor does it constitute personalised advice

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

Magno Investments and/or its writer and contributors may hold, directly or indirectly, positions in the securities mentioned in the content. These positions may be changed at any time without prior notice.

Before investing in a real account, it is necessary to have the appropriate training or otherwise delegate this task to a professional duly authorized to do it. Magno Investments is not responsible for the use that members make of the information or for any losses arising from their investments.

Most investors have never heard of this fund, and that is precisely where its relevance begins. Frontier markets remain structurally inefficient, not because information is unavailable, but because capital, analyst coverage and investor attention are highly selective.

Name: Magna New Frontiers Fund, R Acc EUR
ISIN: IE00B68FF474
Asset Manager: Fiera Capital (UK) Limited (investment management delegated to the Frontier Markets team within Fiera Capital)
Fund Structure: UCITS, Magna Umbrella Fund plc (Ireland domiciled)
Fund Type: Active equity fund (open ended)
Asset Class: Global frontier markets equities
Share Class Currency: EUR
Launch Date (Fund): 16 March 2011

It is within this context that the fund operates deliberately. Rather than competing in crowded markets where information is rapidly arbitraged, the strategy accepts short-term volatility and noise in exchange for long-term compounding. The investment thesis is not built around timing cycles, but around capturing the gradual convergence between fundamentals and valuations in structurally improving economies. ⏳📊

Source: Fiera Capital, Magna New Frontiers Fund R Acc EUR Factsheet, net performance since launch, data as of 31 December 2025.

The chart above provides a visual representation of this philosophy in action. Since inception, the strategy has delivered a clear divergence versus the benchmark, particularly over full market cycles.

The cumulative performance chart illustrates how patience rather than timing has been the dominant driver of returns. 📈⏳

How the Strategy Works

The Magna New Frontiers Fund is built around a bottom-up, fundamental investment process focused exclusively on frontier markets, where inefficiencies persist for longer due to limited analyst coverage, constrained liquidity and lower institutional participation.

The strategy does not define itself as pure value or growth; instead, it targets mispriced companies with improving fundamentals, where earnings power, balance sheet quality and governance are on a clearly positive trajectory but not yet fully recognised by the market. 🔍🌍

Source: Morningstar, equity style box based on portfolio holdings of the Magna New Frontiers Fund, as reported in the Magna New Frontiers Fund – R Acc EUR Factsheet, data as of 31 December 2025.

Capital is deployed without targeting specific style factors, which explains the presence across different segments of the style box. These exposures simply reflect where the managers find attractive valuations and improving fundamentals at a given point in time, with a consistent focus on financial strength and the ability to fund growth internally. 💼⏳

Portfolio Snapshot

The portfolio is constructed to monetise structural change at the company level, not to express macro views or country narratives. Positioning reflects bottom-up conviction, resulting in a portfolio that is meaningfully decorrelated from mainstream equity markets. Concentration is intentional, with the largest holdings representing businesses where earnings visibility, balance sheet strength and governance improvements are already materialising. 🧠📊

Source: Fiera Capital, Magna New Frontiers Fund – R Acc EUR Factsheet, portfolio holdings data as of 31 December 2025.

At the company level, the managers show particular expertise in identifying banks benefiting from financial deepening, consumer franchises leveraged to rising domestic incomes, and industrial or materials businesses aligned with local investment cycles. 🏦

Source: Fiera Capital, Magna New Frontiers Fund – R Acc EUR Factsheet, sector and geographic allocation data as of 31 December 2025.

Geographic exposure follows the same pragmatic logic. Vietnam represents the largest allocation not by design, but because it offers one of the deepest opportunity sets within frontier markets, combining scale, improving governance and earnings visibility. Greece, Kazakhstan and selected Middle Eastern and Eastern European markets complement this exposure, reflecting the managers’ focus on where companies actually generate cash flows and deploy capital, rather than on diversification for its own sake. 🌍💰

Risk, Performance and Expectations

From a risk perspective, the fund sits firmly in the medium-to-high risk category, reflecting the inherent volatility of frontier markets rather than aggressive portfolio construction.

Source: Fiera Capital, Magna New Frontiers Fund – Key Investor Information Document (KIID), risk and reward profile, data as of 11 July 2025.

Drawdowns are an expected feature of the strategy, driven primarily by market liquidity and sentiment rather than deterioration in underlying business quality. The managers accept this volatility as the cost of accessing markets where long-term returns are still driven by fundamentals rather than capital flows. ⚖️📉

Source: Fiera Capital, Magna New Frontiers Fund – R Acc EUR Factsheet, annual performance versus MSCI Frontier Markets Index, data as of 31 December 2025.

A high active share and meaningful tracking error reflect deliberate positioning away from the benchmark, while a beta below one highlights a focus on company-level fundamentals over market direction. All together, these metrics reinforce the fund’s role as an actively managed, conviction-driven strategy, not an index proxy. 📊🧭

Source: Fiera Capital, Magna New Frontiers Fund – R Acc EUR Factsheet, fund characteristics and risk metrics, data as of 31 December 2025.

The Managers Behind the Fund

The fund is managed by Stefan Böttcher and Dominic Bokor-Ingram, senior portfolio managers and co-heads of the frontier markets team at Fiera Capital.

With decades of combined experience in emerging and frontier markets both bring a deeply fundamental, cycle-aware approach to investing in those markets.

Why Look at This Fund?

It would be an interesting option for investors already exposed to global and emerging equities. As this strategy provides differentiated return drivers and lower narrative dependency this fund would discorrelate their portfolio by large.

This fund represents a compelling way to access long-term compounding in parts of the world where change is still being priced in gradually rather than instantly. 🌱🚀

• What do you think about this fund? Did you know about it before this lecture?

Please, let us know in the comments.👇

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

All material provided (articles, presentations, theses, ideas, opinions and analyses) are for informational and educational purposes only and does not constitute a recommendation to buy, sell or hold financial instruments, nor does it constitute personalised advice

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

Magno Investments and/or its writer and contributors may hold, directly or indirectly, positions in the securities mentioned in the content. These positions may be changed at any time without prior notice.

Before investing in a real account, it is necessary to have the appropriate training or otherwise delegate this task to a professional duly authorized to do it. Magno Investments is not responsible for the use that members make of the information or for any losses arising from their investments.

Have you ever heard about this fund?

Most investors haven’t, and that is precisely the opportunity. Eurozone small caps remain structurally inefficiently priced, not due to missing information, but because attention and capital are consistently misallocated. This fund operates in that blind spot, where mispricings persist and fundamentals take longer to be recognised. 🔍📉

Name: BNY Mellon Small Cap Euroland Fund, Euro A (Acc)
ISIN: IE0003867441
Asset Manager: BNY Mellon Investment Management (Newton Investment Management is the investment manager platform commonly referenced for this strategy)
Fund Structure: UCITS, BNY Mellon Global Funds, plc (Ireland domiciled)
Fund Type: Active equity fund (open ended)
Asset Class: Eurozone small cap equities
Share Class Currency: EUR
Launch Date (Fund): 09 May 2003

The edge lies in the gap between macro narratives and company-level reality. Small-cap returns are driven by local demand, niche positioning and capital allocation, resulting in a return profile less correlated to headline macro trends than commonly assumed. 🧩📊

How the Strategy Works

The style profile highlights the fund’s focus on the core of the eurozone small-cap universe, with a clear bias toward mid-sized companies and a balanced blend orientation. This reflects a deliberate investment philosophy: prioritising businesses with proven operating models, visible cash flows and balance sheet control, while avoiding both speculative growth and deep-value situations driven purely by cyclical compression.

Source: Morningstar. Equity Style Box based on portfolio holdings.

The philosophy behind this fund could be described as quality-biased, valuation-aware stock picking. The fund is not trying to win by factor timing; it is trying to win by holding companies that can sustain cash generation and compound through cycles , primarily avoiding the two classic small-cap traps: “story growth” priced for perfection and “cheap” balance sheets that break under stress.⚖️📈

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Portfolio Snapshot

At portfolio level, positioning is driven by economic substance rather than thematic exposure. The sector allocation shows a clear emphasis on industrials and financials, reflecting the managers’ preference for businesses with tangible assets, operating leverage and capital discipline.

These sectors concentrate a large share of eurozone small-cap companies where competitive positioning is local, pricing power is structural rather than cyclical, and value creation depends on execution rather than the narrative and momentum.🏭💶

Source: BNY Mellon Investment Management EMEA Limited. Portfolio data as at 31 December 2025.

Geographically, the portfolio is concentrated in the largest eurozone small-cap markets, with France and Germany as the core exposures, followed by Italy and Spain.

Source: BNY Mellon Investment Management EMEA Limited. Portfolio data as at 31 December 2025.

This reflects where the opportunity set is deepest and most liquid, allowing the managers to focus on stock selection rather than managing country risk. The emphasis is on where small caps actually trade and operate, not on spreading exposure for diversification’s sake. 🌍📊

Risk, Performance and Expectations

Generally speaking this fund is built to live with volatility, not avoid it. Drawdowns are part of the process when investing in eurozone small caps, and the risk metrics reflect that reality. With a beta close to 1 and volatility broadly in line with the category, risk comes from the asset class itself, not from excessive positioning. The real challenge is time: staying invested while mispricings persist and fundamentals take longer to be recognised. ⏳📉

Source: Morningstar Risk & Return.

This pattern is clearly visible in the annual performance chart. Returns have been uneven year by year, with periods of underperformance aligning with broad risk-off phases rather than any deterioration in portfolio fundamentals. 📊📉

Source: BNY Mellon Investment Management. KIID data.

On the other hand, the cumulative performance chart captures the payoff of this approach. Over a full cycle, the fund has compounded meaningfully ahead of its benchmark, showing how periods of short-term volatility translate into long-term outperformance as earnings visibility improves and valuation gaps close. 📈🔁

Source: BNY Mellon Investment Management EMEA Limited. Portfolio data as at 31 December 2025.

The Managers Behind the Fund

The fund is managed by a dedicated team within BNY Mellon (Newton), with Tim Lucas and Paul Byrne leading portfolio decisions.

Why Look at This Fund?

This fund offers exposure to a segment of the European equity market where active management remains genuinely relevant. Eurozone small caps continue to sit outside the core focus of global capital, resulting in persistent inefficiencies that fund managers as mentioned can exploit. 🧠🏛️

Source: BNY Mellon Investment Management. KIID data.

This fund could work for or long-term investors with portfolios already concentrated in large-cap exposure,

As a satellite allocation, the strategy provides differentiated access to this opportunity set for investors willing to look beyond the most trafficked areas of the market. ⏳🎯

• What do you think? Would you invest in this fund?

• Do you hold this fund in your portfolio already?

Please, let us know in the comments.👇

Leave a comment

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

All material provided (articles, presentations, theses, ideas, opinions and analyses) are for informational and educational purposes only and does not constitute a recommendation to buy, sell or hold financial instruments, nor does it constitute personalised advice

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

Magno Investments and/or its writer and contributors may hold, directly or indirectly, positions in the securities mentioned in the content. These positions may be changed at any time without prior notice.

Before investing in a real account, it is necessary to have the appropriate training or otherwise delegate this task to a professional duly authorized to do it. Magno Investments is not responsible for the use that members make of the information or for any losses arising from their investments.

Alken Fund Small Cap Europe has drawn increasing attention among long-term equity investors for one core reason:

It offers pure, high-conviction exposure to European small-cap equities, a segment where active management can still meaningfully outperform due to structural inefficiencies, limited analyst coverage, and elevated dispersion of returns we have here in Europe. 🏛️⚖️

Name: Alken Fund Small Cap Europe – Class A
ISIN: LU0524465548
Asset Manager: Alken Asset Management
Fund Structure: UCITS SICAV (Luxembourg)
Fund Type: Active Equity Fund
Asset Class: European Small-Cap Equities
Share Class Currency: EUR
Launch Date (Fund): 2009

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Since inception, the fund has delivered strong long-term capital appreciation, materially outperforming its benchmark, the MSCI Europe Small Cap Index, although with higher volatility and periods of pronounced relative drawdowns. 📈🏆

• What can bring up to our mind coulbe be that it is simply a “high-risk small-cap fund.”

Nevertheless, a more accurate conclusion is that this strategy profile reflects not factor exposure or style drift, but deliberate concentration, fundamental stock selection, and a willingness to deviate sharply from the index.

In summary, Alken Fund Small Cap Europe is a pure-play European small-cap equity strategy, investing in listed companies across developed European markets with smaller market capitalisations.🧠🏛️

How the Strategy Works

Source: Alken Asset Management

Stock selection is driven by detailed analysis of cash-flow generation, balance sheet strength and capital allocation discipline. The strategy blends value and quality considerations, favouring businesses with resilient economics and identifiable catalysts for re-rating, while maintaining strict discipline on leverage and downside risk.

Portfolio Snapshot

The portfolio reflects the managers’ highest-conviction ideas across small-cap equities, leading to significant country and sector deviations versus the MSCI Europe Small Cap Index.🔍📊

See the comparative below;

Source: Alken Asset Management

We can say that the geographical exposure approach focuses mainly on industrial companies and also on the financial sector, also having a slightly higher weight in these sectors compared to the index.

Share 𝗠𝗔𝗚𝗡𝗢 𝗜𝗡𝗩𝗘𝗦𝗧𝗠𝗘𝗡𝗧𝗦 𝖱𝖤𝖲𝖤𝖠𝖱𝖢𝖧

Risk, Performance and Expectations

Historically, the fund has generated fairly solid returns compared to its benchmark index, with performance driven by stock-specific alpha rather than market beta.

Source: Alken Asset Management

Looking ahead, returns will depend on the normalisation of European small-cap valuations and the continued execution of the managers’ fundamental approach.

Source: Morningstar. Data in EUR

You can notice the excellent performance of the fund through the years, while short-term returns can be volatile (as expected in small-cap equities) the longer-term figures reinforce the effectiveness of the strategy’s fundamental, bottom-up investment process. The progressive normalisation of returns over longer horizons is consistent with a strategy designed to capture structural mispricings over time, rather than short-term momentum, and supports the case for viewing the fund through a long-term investment lens.📈🛡️

Source: Finect. Data in EUR

On the other hand, this set of metrics highlights the quality of returns generated by the strategy over the last five years. The combination of a high annualised return, moderate volatility, and a Sharpe ratio above 1 points to strong risk-adjusted performance. A beta below 1 suggests lower sensitivity to market movements, while the elevated alpha and information ratio confirm that returns have been primarily driven by active stock selection rather than market exposure. 🧭🌍

The Manager Behind the Fund

The fund is co-managed by Nicolas Walewski and Marc Festa, combining strategic oversight with hands-on portfolio execution:

Why Look at This Fund?

Alken Fund Small Cap Europe – Class A offers exposure to a segment of the equity market where active management remains highly relevant. As a satellite allocation, the fund provides differentiated exposure to European small caps for investors willing to accept volatility in pursuit of sustained alpha.⏳🎯

Who is this fund for? The strategy it would be suited for investors with a long-term horizon who can tolerate interim drawdowns in exchange for differentiated alpha potential.

• What do you think? Would you invest in this fund?

• Do you hold this fund in your portfolio already?

Please, let us know in the comments.👇

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Finally, I leave you here with another in-depth and enlightening analysis of this fund by Manuel Ritsch of the “Inversión Sensata Podcast”.

| @manuelritsch

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

All material provided (articles, presentations, theses, ideas, opinions and analyses) are for informational and educational purposes only and does not constitute a recommendation to buy, sell or hold financial instruments, nor does it constitute personalised advice

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

Magno Investments and/or its writer and contributors may hold, directly or indirectly, positions in the securities mentioned in the content. These positions may be changed at any time without prior notice.

Before investing in a real account, it is necessary to have the appropriate training or otherwise delegate this task to a professional duly authorized to do it. Magno Investments is not responsible for the use that members make of the information or for any losses arising from their investments.

Storm Bond Fund has attracted the attention from many investors for one reason: Investing in high yield bonds combining high long-term returns (7%+annualised over 10 years) with low reported volatility and moderate recent drawdowns.

The superficial conclusion would be that the fund is “high yield without the pain” however, the correct conclusion is more nuanced.

Name: Storm Fund II – Storm Bond Fund RC

ISIN: LU0840158819

Asset Manager: Storm Capital Management AS

Fund Structure: UCITS SICAV (Luxembourg)

Fund Type: Active Corporate Bond Fund

Asset Class: Nordic Corporate & High Yield Bonds

Share Class Currency: EUR (Hedged)

Launch Date (Fund): September 2008

What the Fund Is (and Is Not)

Storm Bond Fund is a Nordic corporate bond high-yield fund that uses the Oslo market infrastructure🏦. This matters because the investable universe is not limited to “Nordic domiciled” issuers; it can include non-Nordic companies whose bonds are issued/listed in the Oslo market ecosystem, which has historically been the main venue for Nordic HY as well as offshore/energy services financing.⚙️⚓

It is not a Nordic sovereign risk product. It is credit risk, predominantly high yield.

The base currency is NOK, and foreign-currency share classes are currency-hedged 🔒💱 (the EUR retail class being the typical choice for euro-based investors). This hedge has historically caused the EUR-class to lag NOK returns in most years (carry cost), nevertheless it provided protection in stress episodes where NOK depreciates ( e.g. 2020)

How the Strategy Works

The investment process combines top-down relative value screening with bottom-up issuer analysis, focusing on cash-flow generation, debt sustainability, collateral quality and capital structure seniority.

Crucially, the strategy has evolved materially since 2016. Prior to that period, the portfolio followed a more concentrated, commodity-linked, buy-and-hold approach.🔁

SOURCE: Storm Capital Website. Monthly report - Storm Bond Fund-December 2025

Following the 2014–2015 oil collapse, the fund shifted toward a more asset-backed, value-oriented and actively traded credit strategy, with explicit controls on liquidity, duration and downside risk.📉

Today, returns are primarily driven not by passive carry, but by security selection, price dislocations, restructurings and spread compression, with an active portfolio rotation when risk-reward changes.

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Share 𝗠𝗔𝗚𝗡𝗢 𝗜𝗡𝗩𝗘𝗦𝗧𝗠𝗘𝗡𝗧𝗦 𝖱𝖤𝖲𝖤𝖠𝖱𝖢𝖧

Portfolio Snapshot

The portfolio is predominantly exposed to Nordic corporate issuers, with Norway as the core geography, complemented as previously commented by selective exposure to international companies issuing through the Nordic market.📊🔍

Source: www.finect.com | Report Date: 1/6/2026

While energy-related services remain an important part of the opportunity set, exposure today is far more diversified across sectors and business models than in the pre-2016 period.

SOURCE: Storm Capital Website. Monthly report - Storm Bond Fund-December 2025

The strategy combines corporate, financial and asset-backed credits within a deliberately short-duration framework, complemented by a meaningful allocation to floating-rate instruments that reduces sensitivity to interest-rate moves.🏰📈

In addition, the fund maintains a recurring liquidity buffer ( close to 10%) which enhances flexibility and allows capital to be deployed opportunistically during periods of market stress.

Altogether, these features reflect a portfolio designed to prioritise resilience and optionality rather than just yield maximisation.

Risk, Performance and Expectations

Source: www.finect.com | Report Date: 1/6/2026

The long-term performance profile highlights the fund’s ability to generate attractive absolute returns across different market cycles. The incentive framework further strengthens this outcome: the fund applies a 10% performance fee above a 3-month Euribor + 3% hurdle, subject to a high-water mark, ensuring that performance fees are earned only through sustained value creation and disciplined risk-taking. 🏦 ⏳

This structure aligns manager incentives with capital preservation rather than short-term return maximisation. For EUR-based investors in hedged share classes, mid-single-digit net annual returns represent a reasonable base-case expectation, with upside primarily emerging during periods of market dislocation.

SOURCE: Storm Capital Website. Monthly report - Storm Bond Fund-December 2025

On the other hand, what stands out is not only the level of returns, but how they have been achieved. Compared with US, European and Asian high-yield peers, the fund combines meaningfully lower dispersion of returns with consistently higher risk efficiency, as evidenced by superior Sharpe ratios and materially lower standard deviation. 🛡️📈

This suggests that value creation has come from portfolio construction and credit judgement rather than volatility exposure. In relative terms, the strategy delivers comparable or higher returns while subjecting investors to substantially less variability than traditional high-yield allocations.

The Manager Behind the Fund

The fund is managed by a seasoned Nordic credit team led by Morten E. Astrup, CIO and Founding Partner of Storm Capital Management, with over 25 years of experience in asset management and significant personal investment in the fund.

He is supported by Morten Venold, Partner and Portfolio Manager, who joined in 2015 bringing deep Nordic high-yield credit research expertise from Arctic Securities, ABG Sundal Collier and DNB. The team is further strengthened by Gustaf Amlé, Portfolio Manager, with prior experience as a credit research partner at Fearnley Securities.

Why Look at This Fund?

Storm Bond Fund offers exposure to a differentiated Nordic credit ecosystem where inefficiencies are more frequent than in global HY indices. Its relevance lies in a strategy forged through real stress, demonstrably evolved risk framework and the mentioned alignment that prioritises capital preservation. 💡🧠

This fund would be appropriate for investors seeking defensive income with optionality, rather than pure high-yield beta, the fund represents a credible, experience-driven allocation.

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• Here are insightful recent videos interviewing Mr Morten.

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

All material provided (articles, presentations, theses, ideas, opinions and analyses) are for informational and educational purposes only and does not constitute a recommendation to buy, sell or hold financial instruments, nor does it constitute personalised advice

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

Magno Investments and/or its writer and contributors may hold, directly or indirectly, positions in the securities mentioned in the content. These positions may be changed at any time without prior notice.

Before investing in a real account, it is necessary to have the appropriate training or otherwise delegate this task to a professional duly authorized to do it. Magno Investments is not responsible for the use that members make of the information or for any losses arising from their investments.

Name: Fidelity Funds – Asian Smaller Companies Fund A-Acc-EUR

ISIN: LU0702159772

Asset Manager: FIL Investments International (Fidelity International)

Fund Type: UCITS – Active Equity Fund

Asset Class: Asia ex-Japan Small & Mid-Cap Equities

Share Class Currency: EUR (Unhedged)

Launch Date (Share Class): December 2011

I came across this equity fund while I was looking for strategies that approach Asian markets with a bit more discipline than usual. What stood out wasn’t just the region it invests in, but how it does it: quietly, conservatively, and with a clear focus on business quality and valuation.

The fund invests across Asia-Pacific (excluding Japan), including emerging markets, with a strong bias toward companies benefiting from domestic growth rather than global trade cycles. This part of the market tends to be under-researched and inefficient, which makes it a good hunting ground for active, fundamentals-based investing.

How the strategy works

Stock selection starts with the company, not with macro views or short-term market narratives. The focus is on identifying under-followed businesses that can compound earnings over time.

There’s a clear quality filter in place. The portfolio favours companies with solid cash flows, conservative balance sheets and durable business models. Highly leveraged firms, speculative growth stories and other momentum-driven trades are generally avoided.

Source: Fidelity International, Asian Smaller Companies Fund

Even though the fund is growth-oriented, it avoids paying excessive multiples and looks for sensible entry points with a margin of safety. Holdings are typically kept for several years, allowing fundamentals to do the heavy lifting.

Source: Morningstar, Asian Smaller Companies Fund

On the risk side, the fund stands out for its strong emphasis on control in a segment typically characterised by high volatility. While as you probably know Asian small caps can be inherently noisy, the strategy consistently prioritises balance sheet strength, earnings visibility and governance quality.

For instance, the fund’s beta of 0.79 indicates lower sensitivity to market movements, reflecting a deliberate focus on downside protection. Overall volatility is also lower than that of most peers.

Generally speaking, the fund displays a more defensive, quality-oriented profile, with returns driven primarily by active stock selection rather than benchmark exposure consistent with a disciplined, bottom-up value approach.

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Portfolio snapshot

The portfolio is broadly diversified, with around 140 holdings and modest position sizes to control liquidity and downside risk. While the focus remains on small and mid-cap equities, the strategy allows selective exposure to larger companies when quality and valuation are compelling so they can move the liquidity between companies when needed.

Source: Fidelity International, Asian Smaller Companies Fund

Geographically, the fund is diversified across Asia, with core exposure to India, Taiwan and South Korea, alongside selective positions in China and Southeast Asia whose exposure is intentionally cautious.

On the other hand, the sector allocation is tilted toward consumer-related businesses, non-bank financials, industrials and technology, while structurally avoiding highly cyclical or capital-intensive sectors.

Source: Fidelity International, Asian Smaller Companies Fund

Risk, performance and expectations

This isn’t a low-risk fund. Volatility is in the low double digits, and investors are exposed to emerging market risks, currency movements and the liquidity constraints of small-cap equities.

That said, the fund’s quality bias and conservative balance sheet focus have historically helped reduce downside during market stress. Performance over the long term has been competitive, led more by earnings growth than by valuation expansion giving an 7.08 % annualized return in a 10-year period & 8.66 % if we see the last five years.

Source: Morningstar, Asian Smaller Companies Fund

The manager behind the fund

With more than 20 years in Asian equities, Nitin Bajaj’s style reflects a clear value mindset focused less on stories and momentum, and more on business quality and long-term fundamentals.

Rather than chasing what’s working in the market at any given moment, the focus is on businesses that can survive difficult periods and still compound value over time. I personally like his approach which has historically helped the fund hold up better during drawdowns, even if it sometimes lags during speculative rallies.

In 2024, Ajinkya Dhavale joined the team, adding further depth to regional research and portfolio construction.

Why look at this fund?

This is not a flashy fund, but it is a disciplined one. The combination of a value and quality-oriented philosophy, an experienced manager as well as a strong research platform makes it an interesting option within the Asia small-cap space.

This fund makes sense for investors with a long-term horizon who are comfortable with volatility and want differentiated exposure to Asian domestic growth as part of a broader global equity portfolio.

As a conclusion we can say that it offers a thoughtful way to gain exposure to a part of the market where patience and fundamentals still matter.

Here you will find an interesting interview which reflects his investment philosophy:

Share 𝗠𝗔𝗚𝗡𝗢 𝗜𝗡𝗩𝗘𝗦𝗧𝗠𝗘𝗡𝗧𝗦 𝖱𝖤𝖲𝖤𝖠𝖱𝖢𝖧

I hope you find the content useful.😀

May the investment be with you.

Magno Investments Research

⚠️ DISCLAIMER | LEGAL ADVICE⚠️
Magno investments does not represent a financial advisory service or investment service. All information provided and given by Magno Investments is of an educational and informative nature and in no case implies any kind of recommendation to buy or sell any securities. Carlos Chaume and Magno Investments Research are not responsible for the use made of this information or the veracity of its sources. Before investing in a real account, it is necessary to have the appropriate training or otherwise delegate this task to a professional duly authorized to do it.

Bienvenidos un día más al Blog!

Como muchos de vosotros, me dedico a tiempo parcial al sector de la inversión.

A lo largo de este año, la economía y la inversión han ido ganando más relevancia y notoriedad en mi vida.

Leer el Financial Times, analizar los estados contables de una empresa o realizar estudios macroeconómicos han pasado de ser un mero entretenimiento a convertirse en un hábito más en mi día a día.

Como ya sabéis invertir y entender los distintos sectores, industrias y modelos de negocio conlleva una gran cantidad de tiempo y energía.

Lo cierto es que el  tiempo es la materia prima de la vida, un recurso no renovable qué se agota igual de rápido independientemente del uso que de él hagamos.

Reflexionar acerca de este tema me ha llevado a focalizarme todavía más en la inversión, pues cada vez soy más consciente de la importancia de empezar cuanto antes y de hacerlo de una forma rigurosa y con más criterio. 

Esto me ha llevado a crear una cartera sólida (tanto de acciones como de fondos) con tal de establecer una base sólida con la cual poder crecer.

Actualmente estoy creando una cartera de fondos tanto de gestión indexada como gestión activa con tal de delegar dicha gestión en profesionales que hayan demostrado su capacidad de generar valor y rentabilidad a lo largo del tiempo.

Esta cartera está especialmente compuesta por gestores que se focalizan en inversiones con un sesgo en el estilo value, los cuales invierten en empresas de media y pequeña capitalización. 

Este es el caso de hoy, donde os traigo un nuevo artículo analizando el fondo Horos Value Internacional FI  ( ES0146309002 ) 

HISTORIA

Horos se conformó en 2018, Javier Ruiz ( actual director de inversiones).

Javier, es conocido en el sector por los buenos rendimientos que obtuvo durante su paso en Metagestión, DWS y Credit Suisse.

Junto a sus compañeros Alejandro Martín y Miguel Rodríguez decidieron crear la gestora y empezar este proyecto hasta llegar a ser la gran firma que es hoy.

Javier Ruiz sintió atracción por la bolsa desde muy joven, se graduó en economía en la universidad de Salamanca y posteriormente realizó un máster en finanzas en el Icade. Empezó a trabajar en el sector en Metagestión (2007) durante esta etapa pudo extraer mucho conocimiento y experiencia ya que fueron unos años muy complicados para el sector debido a la crisis económica.📝⏳🏆

Se introdujo a través de la lectura a la escuela de economía austriaca donde  aprendió sobre la teoría del ciclo y los flujos de capital. En 2013 conoció a Alejandro y posteriormente junto con Miguel tuvieron unos años excelentes hasta 2018 cuando decidieron crear Horos Asset Management.🗽🏛️💛🖤

Actualmente Horos cuenta con alrededor de 4300 partícipes teniendo 2 fondos de inversión ( Horos value iberia y Horos value  internacional), además de disponer de 3 planes de pensiones.

Aproximadamente el 11 % del patrimonio de los fondos está conformado por los empleados, gestores y socios de Horos, lo que evidencia una clara alineación de intereses por parte de los integrantes con los inversores, el famoso conocido ¨skin in the game¨.

Fuente: horosam.com

La firma gestiona alrededor de 130 millones de euros entre todos sus productos, siendo 110 millones atribuibles al fondo de estrategia internacional.

Ahora mismo, tal y como ellos mismos afirman y como veremos a continuación se trata de un momento único para invertir en sus fondos, pues calculan que la cartera de Horos Value Internacional cuenta con un ¨Upside¨o potencial revalorización del 130%.

Esto es en parte debido a la negatividad en los últimos años a las empresas de mediana y pequeña capitalización, así como la negatividad respecto al estilo de inversión Value y a la ya más que conocida y complicada situación macroeconómica actual,  la cual no refleja el verdadero valor de muchos de los negocios subyacentes  en los que invierten.

Fuente: CARTA INVERSORES 2T24 // HOROSAM.COM

FILOSOFÍA DE INVERSIÓN

Como he mencionado anteriormente el fondo sigue una filosofía value, lo cierto es que no han inventado la rueda o descubierto el fuego, pero a final de cuentas tampoco es necesario.

Muchos inversores privados y gestores dicen seguir la metodología/filosofía de inversión en valor pero son pocos los que realmente obtienen buenos resultados de forma sostenida y prolongada a lo largo del tiempo.

Cómo ya sabéis el mercado de valores no es perfecto, a corto plazo, los inversores tienden a dejarse llevar por sus emociones y toman decisiones de compra y venta basadas en motivos poco objetivos y lógicos. Esto genera en el mercado continuas fluctuaciones. Es precisamente en este entorno donde los inversores 'value'  tienen la capacidad de identificar empresas con un valor mayor respecto al precio al que se están cotizando en el mercado, lo que ofrece excelentes oportunidades de inversión a largo plazo.

A lo largo del tiempo estas fluctuaciones en el mercado se van equilibrando, ya que los distintos  inversores y analistas  empiezan a valorar e incorporar los datos y las distintas variables en sus modelos de valoración lo que hace que el mercado vuelva a valorar correctamente a las empresas cotizadas en cuestión. Por tanto, aquellas compañías cuyas acciones cotizaban a un precio más bajo en el pasado tienden a alcanzar su verdadero valor con el tiempo, siendo este el  escenario donde los inversores 'value' obtienen beneficios, al comprar a precios bajos y vender una vez que las acciones se acercan a su valor real (intrínseco).⏳📈💰

A pesar de las distintas corrientes de inversión y modas acerca de un determinado sector o tipología de acciones, en Horos siempre se han mantenido fieles a su criterio y a su forma de hacer las cosas, tratando de pescar en ríos con muchos peces y pocos pescadores (actualmente bolsas de Hong Kong y Española) y evitando aquellos con muy pocos peces y muchos pescadores (como los índices americanos).

Dicotomía del control

Podríamos argumentar de forma general que su forma de invertir no trata de predecir lo que va a hacer el mercado, al tratarse de un factor externo en el cual no pueden incidir, no pierden ni un minuto pensando si la bolsa va a subir mañana o si va a bajar.

El equipo de Horos mira compañía por compañía y trata de comprar barato, esperando con paciencia que nuestras tesis de inversión se vayan cumpliendo. 

Personalmente me gusta que apliquen esta serie de conceptos estoicos, así como ideas sacadas de grandes autores como Nassim Taleb, ya que reflejan el aspecto cualitativo en su metodología de inversión. La mentalidad o ¨mindset¨ juega un papel clave en los distintos aspectos psicológicos a la hora de invertir y a la hora de afrontar situaciones con mucha presión. Controlar aspectos como la gestión emocional da una clara visibilidad de cómo afrontan y o afrontarán  las distintas problemáticas y los distintos escenarios que se les presentarán a lo largo de sus carreras como inversores.🧠⚖️💎

METODOLOGÍA DE INVERSIÓN 

En Horos invierten en negocios fáciles de entender, con ventajas competitivas y con un alto margen de seguridad. Seleccionan empresas de forma global, aunque se centran principalmente en varias regiones geográficas así como determinados sectores e industrias donde tiene una amplia experiencia.

Actualmente el fondo Internacional lleva una rentabilidad del 54,2% desde sus inicios, lo que equivale a una rentabilidad anualizada del 7,3%.💰✔️

Fuente: CARTA INVERSORES 2T24 // HOROSAM.COM

Sin embargo si ampliamos la perspectiva y contabilizamos que rentabilidad ha generado el equipo gestor en su conjunto, observamos que estos acumulan una rentabilidad del 277% desde su inicio en 2013.

A lo largo de estos años han demostrado su valía y su capacidad de generar rentabilidades de doble dígito, por lo que bajo mi punto de vista si es justo tener en cuenta las rentabilidades pasadas ya que anteriormente antes conformar Horos también gestionaban dos fondos bajo la misma filosofía y criterios de inversión ( 1 fondo internacional y otro ibérico).

Se trata de gestores con una amplia trayectoria que han invertido y desinvertido en múltiples empresas, acumulando así una gran experiencia en sectores e industrias así como en ideas de inversión. Hoy en día se han convertido en el equipo gestor con mayor track record (trabajando juntos) en España siendo este de 11 años consecutivos.💡📚🧠

GEOGRAFÍA

HONG KONG– Como he mencionado anteriormente invierten en Asía, especialmente en la bolsa de Hong Kong. 

Se trata de una bolsa que ha sido castigada durante los últimos años por la negatividad en la región. Actualmente la bolsa de Hang Seng de Hong Kong cotiza a 0,8x su valor contable o dicho de otra manera, las compañías que componen este índice, en promedio, valen hoy más muertas que vivas. 

Fuente: www.morningstar.es

Son muy estrictos a la hora de seleccionar empresas en este mercado pues es bien conocido por albergar muchas ¨trampas de valor¨, es por ello que vigilan exhaustivamente que hacen las empresas con su caja ya que muchas empresas por mala gestión y en ocasiones por motivos culturales no piensan en el retornos a los accionistas creando así situaciones donde los inversores poseen empresas con negocios de calidad y con baja deuda pero que no se revalorizan, creando así a la par un coste de oportunidad enorme al no invertir en otras acciones que si están devolviendo ese valor en forma de recompras de acciones o en forma de dividendos.

SECTORES 

Materias primas- En Horos son bien conocidos entre la comunidad inversora por acertar con las tesis de materias primas cuando nadie quería invertir en el sector, Invirtieron en empresas de uranio, carbón y cobre en el mejor momento, lo que posteriormente proporcionó al fondo grandes rendimientos.📝💡📊

Fuente: www.morningstar.es

Como ya sabéis en estas industrias cuando más castigadas están y más altos tienen sus múltiplos de valoración, es cuando más hay que estudiarlas y fijarse en ellas. Contra Intuitivamente cuando las empresas gozan de un múltiplo bajo ( las materias primas están en precio máximo) es cuando más riesgoso es invertir en ellas, ya que el mercado descuenta que ese crecimiento no es sostenible a lo largo del tiempo y el crecimiento y los beneficios de dicha empresa tienden a regresar a la media por lo que la acción cae y en muchas ocasiones de forma abrupta.

Fuente: CARTA INVERSORES 2T24 // HOROSAM.COM

En cuanto a la cartera aquí podemos ver las principales posiciones que la conforman. Como es de esperar se tratan de empresas bien gestionadas a nivel de equipo directivo, con fuertes barreras de entrada, balances sólidos, y que cotizan por debajo de su valor intrínseco. 🧠🌐💡

NASPERS: Un ejemplo de este tipo de empresas podría ser Naspers. Se trata de un holding tecnológico Sudafricano el cual posee el 28% de Tencent (empresa tecnológica China)  

Tencent entre otros es propietaria del whatsapp chino ( lo que le proporciona 1100 millones de activos al mes)  también tiene presencia en el sector de los videojuegos con títulos destacados a nivel mundial.

Actualmente Naspers cotiza con un sustancial descuento en comparación a las empresas que posee a través de su holding por lo que se pueden comprar estas a un menor costo en comparación que de forma directa.

Cuando invertimos en fondos nos centramos en la rentabilidad del mismo  pero muchas veces nos olvidamos del riesgo, y el riesgo también hay que controlarlo y hay que gestionarlo. En este caso observamos que el fondo tiene una volatilidad media del 12,89% un Alfa media a 3 años bastante respetable del 6,43% y una Beta de 0,81 puntos que acompaña y afianza el dato de volatilidad media.

Por otro lado encontramos un Ratio Sharpe de 0,74 puntos. Bien es cierto que buscamos un ratio por encima de 1 pues este indica la rentabilidad por cada obtenida por cada unidad de riesgo, sin embargo para ser justos deberíamos compararlo con fondos de la misma categoría. 📑🔍

En cuanto al Benchmark, en las entrevistas que ellos mismos han dado recientemente han optado por dejar de seguir un índice de referencia pues les suponía un coste como sociedad gestora. Realmente en su caso en particular no es necesario estar etiquetando constantemente los rendimientos pues al invertir de forma global e incluir los mercados emergentes podéis deducir que un fondo para comparar los rendimientos de forma justa sería un MSCI ACWI (All Country World Index) , en este caso Morningstar opta por compararlo con el índice Gbl SMID NR ( índice global de small caps) 

Fuente: www.morningstar.es

A día de hoy Horos se sitúa como una de las casas con más renombre en España. Si se analizan los últimos cinco años, se identifican hasta cuatro gestoras nacionales que han obtenido rentabilidades de entre un 60% y un 101% con sus productos. Las firmas que se han lucido en este periodo tienen algo en común: son entidades que siguen utilizando la filosofía value investing (inversión en valor) a la hora de seleccionar sus opciones.

Fuente: www.expansion.com

CONCLUSIÓN 

He decidido invertir en Horos por la amplia y dilatada experiencia de su equipo gestor así como por su capacidad de crear valor a lo largo del tiempo. Por otra parte, invirtiendo en el fondo internacional actualmente consigo entre otras cosas tener exposición a Asia y mercados emergentes así como exposición a determinados modelos de negocio como aseguradoras y empresas de materias primas. Esto hace que en mi caso personal invertir en este fondo sea una opción muy atractiva, ya que no invierto en dichas regiones ni analizo empresas con ese modelo de negocio en mi cartera de acciones personal. Sin duda se trata de un fondo de calidad, pues ha demostrado ser fiel a su filosofía de inversión y ha logrado generar las rentabilidades esperadas.

Aquí os dejo un par de entrevistas muy interesantes para que conozcáis todavía más este proyecto y el gran equipo que lo conforma.

Muchas gracias a todos y que la inversión os acompañe! 😀📈🧠

⚠️ DISCLAIMER | AVISO LEGAL ⚠️

Magno Investments no representa un servicio de asesoramiento financiero o servicio de inversión. Toda la información y material ofrecidos en el presente documento tienen un carácter totalmente educativo e informativo y no representan bajo ningún concepto una recomendación de compra o de venta de ningún activo financiero. (Artículo 63 de la Ley 24/1988, de 28 de julio, del Mercado de Valores, y en el artículo 5.1 del Real Decreto 217/2008, de 15 de febrero). Carlos Chaume y Magnoinvestments no se responsabilizan del uso que se haga de esta información ni de la veracidad de las fuentes de la mismas. Antes de invertir en una cuenta real, es necesario tener la formación adecuada o en su defecto delegar dicha tarea en un profesional debidamente autorizado para ello.

El creador de este contenido puede mantener posiciones en las empresas y valores bursátiles mencionados, no obstante, toda la información  facilitada desde Magnoinvestments es de carácter educativo e informativo y en ningún caso supone una recomendación de compra o de venta de ningún Valor bursátil o activo financiero. 

INFORMACIÓN DE INTERÉS📝

Inversión Racional Podcast 🎥

Entrevista canal Juan Ramón Rallo🎥

V Conferencia Anual de Inversores de Horos Asset Management (2023) 🎥

Deja un comentario

Buenas a todos,

Como ya sabéis me dedico a tiempo parcial tanto a analizar acciones individuales como fondos de inversión. Los fondos ya sean indexados o gestión activa son uno de los mejores vehículos para rentabilizar nuestro ahorro y hacer crecer nuestro patrimonio.

Desde principios de año he ido analizando varios fondos de inversión , especialmente he ido siguiendo la trayectoria de Emérito Quintana y el comportamiento de su fondo Numantia Patrimonio Global (ES0173311103). 

Probablemente haya visto y leído todo el material disponible acerca de él y de su fondo. A medida que iba consumiendo todo este material e iba entendiendo su filosofía y metodología de inversión, han sido pocas las dudas que me han surgido al respecto, pues comparto mayoritariamente su forma de ver y entender el mundo de la inversión.

Personalmente esto me ha llevado a invertir en su fondo y a compartir un pequeño análisis comentando los puntos clave y la información relevante que he recopilado.

Emérito Quintana

Numantia Patrimonio Global (ES0173311103). 

Gestor: EMÉRITO QUINTANA PELAYO

Educación y formación:  

-Técnico Industrial con un Postgrado en Bolsa y Mercados Financieros , 

-Asesor Financiero Europeo (EFA) y  Gestor Patrimonial por el IEAF

-Máster Oficial en Economía de la Escuela Austriaca por la Universidad Rey Juan Carlos, con una matrícula de honor en el TFM sobre los fundamentos del Value Investing.

Para poner en contexto los resultados y filosofía de inversión del fondo vamos a conocer brevemente la trayectoria de este gran inversor:

Desde un inicio su forma de invertir se vio influenciada en parte por las empresas que posee su familia. 

Emérito creció observando cómo el negocio familiar ( en este caso una cantera) la cual  prosperaba y con ello, la actividad económica que comportaba:

Rodeado de un  negocio tan tangible y real le sirvió para poner en tierra todas las ideas y conceptos que tenía pues un patrimonio familiar como ese no se vende por una recesión, el anuncio de un banquero central, una noticia sensacionalista, por un error empresarial o un mal trimestre, este se protege y se hace crecer de forma sostenida y prolongada en el tiempo.📝⏳🏆

Su formación es de ingeniería, pero siempre se interesó por el mundo de la economía y la inversión. Al terminar la carrera hizo un Postgrado en bolsa y mercados financieros, donde obtuvo  los títulos de Asesor financiero Europeo (EFA) y de Asesor Patrimonial por el IEAF, posteriormente comenzó a gestionar su propio dinero y el de su familia.

Paulatinamente se aproximó cada vez más al Value Investing y realizó  el Máster Oficial en Economía de la Escuela Austriaca,  realizando así su trabajo de Fin de Máster con el profesor Jesús Huerta de Soto.⚖️🗽🏛️💛🖤

Toda la teoría que aprendió sobre inversión tocó tierra y vió su forma cuando trabajó en  la aseguradora de vida de Jesús Huerta de Soto ( España SA,)

Fuente: Carta anual inversores 2023 Numantia Patrimonio Global

Esta se trataba de una empresa familiar con una cultura de conservadurismo y largoplacismo. Como subdirector de inversiones Emérito tenía que invertir en activos con la dura restricción de no poder vender nunca, lo que le forzaba a pensar más allá de un ciclo económico y más allá de las ventajas competitivas típicas; le obligaba a reflexionar sobre qué aspectos hacen que una empresa sobreviva y prospere, y con ello meditar sobre la importancia de las personas y de los aspectos de la cultura empresarial en un negocio.

Todo ello cimentó su forma de invertir y catapultó su carrera pasando de gestionar el patrimonio familiar a gestionar el dinero de los partícipes a través del Fondo de inversión.

FONDO DE INVERSIÓN

Como vemos Emérito Quintana no solo ha destacado por sus múltiples logros en lo que la vida académica se refiere pues actualmente su fondo;  Numantia Patrimonio Global (ES0173311103) lleva un track-record espectacular en los últimos años, con un crecimiento acumulado ( desde el inicio en 2017 ) de +104,8%  lo que supone una tasa de retorno compuesta del 11,7%  (2023) anual después de comisiones.

Fuente: Numantiapatrimonio.com (Carta anual 2023)

Por otra parte si analizamos dicha rentabilidad en  los últimos 5 años, podemos observar como esta ha sido de un 15,3%, siendo este último año 2023 de un 35,55%.📑✔️

Fuente: www.morningstar.es (Renta 4 Multigestión Numantia Patrimonio Global FI)

👉 ENLANCE MORNIGSTAR

COMISIONES (TER) 

El fondo gestiona alrededor de 100 millones de euros, y pertenece a la categoría de fondo: Mixtos Flexibles EUR - Global

Esto simplemente es debido tal y como explica en una entrevista para tener la posibilidad de invertir en renta fija si la ocasión lo requiriese, no obstante actualmente sólo tiene en posesión acciones y una posición en efectivo a la espera de ser invertida. 

A partir del 1 de enero de 2024 la comisión de gestión tanto de Numantia Patrimonio como de Numantia Pensiones bajó al 1,25% anual por lo que si contratáis el fondo a través de plataformas como MyInvestor en principio debería aplicarse dicha comisión.

El fondo no tiene comisión de suscripción, ni de éxito, ni de reembolso por lo que todos los costes asociados se recogen directamente en el TER y no existe penalización de ningún tipo.📈🔍

Fuente: www.morningstar.es (Renta 4 Multigestión Numantia Patrimonio Global FI)

Aquí podemos ver el desglose de las rentabilidades, y como este 2024 va en positivo con una rentabilidad del 5,84%. No es casualidad que Mornigstar premie a este fondo con 5 estrellas.

Fuente: www.morningstar.es (Renta 4 Multigestión Numantia Patrimonio Global FI)

Volatilidad

Como ya sabéis rentabilidad y riesgo son armas de doble filo. Generalmente medimos el riesgo en base a la volatilidad. Esta se define como la variación porcentual que experimenta el valor liquidativo (VL) del fondo en un periodo concreto.

Sin embargo la volatilidad no es algo malo per se, de hecho, decimos que a mayor riesgo, mayor potencial de rentabilidad. Sin embargo, lo idóneo es combinar ambas variables y ser capaces de optimizar al máximo ese binomio. En otras palabras, que pueda obtener la máxima rentabilidad asumiendo el menor nivel de volatilidad posible (escenario asimétrico).📝💡📊

Lo anteriormente mencionado se canaliza mediante el Ratio Sharpe. Esta métrica nos permite poner en relación los dos conceptos; rentabilidad y riesgo.

Se calcula dividiendo el exceso de rentabilidad del fondo (es decir, toda la rentabilidad que ha generado por encima de la que ofrecen los activos sin riesgo), entre la volatilidad o desviación estándar del producto.

Cuanto mayor es el ratio de Sharpe, mejor es la rentabilidad del fondo en relación a la cantidad de riesgo que ha tenido que asumir.

Esta variable resulta muy útil a la hora de comparar unos fondos con otros dentro de la misma categoría. Por ejemplo, es posible que dos de ellos ofrezcan rentabilidades muy similares en un periodo determinado. Sin embargo, puede que uno de ellos haya tenido que asumir mayores riesgos que el otro para conseguir la misma rentabilidad. En ese caso, el primer fondo tendrá una volatilidad más elevada y por tanto, la ratio de Sharpe será más bajo. En cambio, el segundo fondo tendrá una volatilidad más reducida, lo que aumenta la ratio de Sharpe. 👍💲📈😄

ALFA Y BETA

El Alfa de un fondo  mide el rendimiento del gestor. Al tratarse de un fondo de gestión activa que busca generar un retorno superior al del conjunto del mercado debemos comprobar si efectivamente ha sido capaz de batir al índice de referencia. Si el alfa es >1  positivo, el fondo ha tenido un rendimiento superior en comparación con su índice de referencia. Este fondo concretamente toma como referencia la rentabilidad del índice MSCI World Net Total Return EUR Index.

Por otra parte encontramos la Beta. Esta variable también se mide sobre el valor 1, y mide la volatilidad que tiene un fondo en comparación con el índice de referencia. Así pues, una beta superior a 1 implica que el fondo tiene una volatilidad superior a la del índice, y si es inferior, es que el fondo es menos volátil.

DISTRIBUCIÓN DE ACTIVOS  (ASSET ALLOCATION)

Actualmente el fondo posee un 88,39% del patrimonio invertido en renta variable y un 11,61% en dinero líquido.

Dentro de este 88,39%  observamos que un 63,46% se encuentra invertido en Estados Unidos y un 25,06% en Canadá.🌐🗺️📍

Fuente: www.morningstar.es (Renta 4 Multigestión Numantia Patrimonio Global FI)

Fuente: www.morningstar.es (Renta 4 Multigestión Numantia Patrimonio Global FI)

Esto es debido principalmente a las primeras posiciones del fondo, es decir los negocios donde más dinero ha invertido son negocios estadounidenses. En estas, encontramos empresas muy conocidas en el mundo como Tesla, Amazon o Meta Plattforms (Facebook) sin embargo las principales empresas siendo sus ¨Top Holding¨ son ; Brookfield Corporation y FRP Holdings.

Fuente: www.morningstar.es (Renta 4 Multigestión Numantia Patrimonio Global FI)

Estas dos empresas se dedican principalmente a actividades relacionadas con el real estate y seguros. Es por ello por lo que podemos encontrar un peso del 25,63% sobre el patrimonio dentro de esta categoría de inversión y un 28,49% para los servicios financieros respectivamente.🏗️🏡💰

En general y como podéis comprobar no es un fondo excesivamente diversificado en ningún ámbito. Precisamente este motivo es lo que me gusta de este fondo y a la par es el punto fuerte de cualquier fondo de gestión activa que se precie; delegar dicha gestión en los gestores los cuales siguen una determinada filosofía y metodología de inversión teniendo plena convicción en su rigor y criterio.

FILOSOFÍA DE INVERSIÓN

Este fondo busca encontrar lo que en el mundo anglosajón se denomina un Fondo SWAN (Sleep well at night ) donde el inversor pueda invertir su dinero sin tener que estar preocupándose constantemente de los cambios realizados por el gestor o por las variaciones en la valoración de las empresas subyacentes al fondo.

¨El objetivo de Numantia ha sido el mismo desde que creamos la sociedad familiar en 2013 preservar y hacer crecer el patrimonio a largo plazo. Lo intentamos conseguir siendo propietarios de acciones o bonos de un pequeño grupo de empresas que entendamos bien.¨

Emérito Invierte con un enfoque empresarial, buscando empresas con ventajas competitivas sostenibles y con equipos directivos alineados. La misión principal es proteger, preservar y hacer crecer el patrimonio, donde preservar quiere decir no perder dinero.💡⚖️🧠

A partir de ahí, se centra en encontrar empresas de calidad en las que pretende conseguir rentabilidades anuales de entre el 8% y el 12%, lo que significa duplicar el valor liquidativo cada 6 a 9 años. 

Sólo invierte en activos financieros cotizados (acciones y bonos). En el fondo de inversión puede asignar libremente tanto renta fija como renta variable, pero se centra en las acciones. La selección de estas compañías se realiza tras un exhaustivo análisis fundamental, intentando localizar aquellas empresas que están infravaloradas. En cierto sentido, sigue una filosofía de Value Investing, aunque él prefiere llamarlo “Inversión Empresarial” o Inversión cualitativa.

Emérito hace uso de lo que se conoce como fosos defensivos.

Los fosos defensivos son características que tienen algunas compañías que hacen que sean muy difíciles de replicar. 🏰⚔️🛡️

El mismo se declara como un apasionado de la teoría del ciclo económico austriaca, así como de inversores como Warren Buffet, Terry Smith, Pat Dorsey y Tom Gayner.

Así pues la teoría del ciclo económico y sus leyes económicas que fundamentaron sus conocimiento sobre economía e inversión, a día de hoy tiene un gran peso en sus tesis ya que le permiten obtener muchas pistas de lo que puede estar pasando en los mercados y economías.📚🌍💛🖤

Fuente: Carta anual inversores 2023 Numantia Patrimonio Global

Aquí podemos ver un escenario donde con un capital inicial de 10.000€ y una inversión de 200€ al mes desde el inicio del fondo, el dinero invertido se  habría convertido de 25.400€ a  44.014,33€ en 2023.💰✔️

Por último, cabe decir que la rotación en cartera es muy baja, lo más habitual para que una empresa sea vendida es el descubrimiento de otra idea con una mejor combinación de convicción, certidumbre y rentabilidad esperada. 

Es decir existen muy pocos costes asociados a la compra-venta de acciones ya que tiene una cartera muy concentrada con posiciones asimétricas donde el potencial de revalorización es muy alto en comparación a las posibles pérdidas.

CONCLUSIÓN

Después de haber analizado exhaustivamente tanto a Emérito como el fondo en cuestión estoy deseando ver los próximos resultados y ver el desempeño que le aguarda tanto a él como a su comunidad de inversores.

Personalmente he decidido embarcarme en este viaje y formar parte de este proyecto. 

Recordad que debéis realizar vuestro propio análisis, toda la información proporcionada no es ninguna recomendación de compra o de venta de ningún fondo u otro activo financiero. Dicho esto por aquí os dejo una serie de links que os pueden interesar para formar vuestra propia opinión y conocer más acerca del tema.

Si tenéis alguna duda o sugerencia os invito a que la compartáis en los comentarios!

Muchas gracias a todos y que la inversión os acompañe! 😀📈🧠

INFORMACIÓN DE INTERÉS

• CONFERENCIA ANUAL 2023: 🎙️

• LINK CARTA ANUAL 2023 📝

MEJORES ENTREVISTAS 

• Territorio Inversor | World Stocks 🎥

•  Inversión Racional Podcast 🎥

⚠️ DISCLAIMER | AVISO LEGAL ⚠️

Magno Investments no representa un servicio de asesoramiento financiero o servicio de inversión. Toda la información y material ofrecidos en el presente documento tienen un carácter totalmente educativo e informativo y no representan bajo ningún concepto una recomendación de compra o de venta de ningún activo financiero. (Artículo 63 de la Ley 24/1988, de 28 de julio, del Mercado de Valores, y en el artículo 5.1 del Real Decreto 217/2008, de 15 de febrero). Carlos Chaume y Magnoinvestments no se responsabilizan del uso que se haga de esta información ni de la veracidad de las fuentes de la mismas. Antes de invertir en una cuenta real, es necesario tener la formación adecuada o en su defecto delegar dicha tarea en un profesional debidamente autorizado para ello.

El creador de este contenido puede mantener posiciones en las empresas y valores bursátiles mencionados, no obstante, toda la información  facilitada desde Magnoinvestments es de carácter educativo e informativo y en ningún caso supone una recomendación de compra o de venta de ningún Valor bursátil.